Exam 6: Credits and Special Taxes

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Jenny adopts a Vietnamese orphan. The adoption takes three years, two trips to Vietnam, and becomes final in 2016. She pays $10,000 in 2014, $5,000 in 2015, and $5,000 in 2016 of qualified adoption expenses. She has AGI of $150,000. a.What is the adoption credit Jenny can claim in 2016? b.How much credit could she claim if the adoption falls through and is never finalized?

(Essay)

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Question 101

The child and dependent care provisions:

(Multiple Choice)

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Question 102

For all taxpayers, except those married filing separately, the individual alternative minimum tax rate for 2016 is 26 percent on the first $186,300 of income and 28 percent on income above $186,300.

(True/False)

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Question 103

Carla and Bob finalized an adoption in 2016. Their adoption fees totaled $9,500. They have AGI of $207,920 for 2016. What is their adoption credit?

(Multiple Choice)

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Question 104

Vicky is a single, 21 year-old, full-time student who purchased health care through the state health care exchange for the full year. Her part-time job pays her $12,000 in 2016. She files her own tax return but is claimed as a dependent by her parents. Vicky is eligible for the premium tax credit.

(True/False)

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Question 105

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college. What are the options Karen has for filing her tax return?

(Multiple Choice)

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Question 106

Taxpayers are allowed two tax breaks for adoption expenses. They are allowed:

(Multiple Choice)

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Question 107

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The child and dependent care provisions:

For all taxpayers, except those married filing separately, the individual alternative minimum tax rate for 2016 is 26 percent on the first $186,300 of income and 28 percent on income above $186,300.

Carla and Bob finalized an adoption in 2016. Their adoption fees totaled $9,500. They have AGI of $207,920 for 2016. What is their adoption credit?

Vicky is a single, 21 year-old, full-time student who purchased health care through the state health care exchange for the full year. Her part-time job pays her $12,000 in 2016. She files her own tax return but is claimed as a dependent by her parents. Vicky is eligible for the premium tax credit.

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college. What are the options Karen has for filing her tax return?

Taxpayers are allowed two tax breaks for adoption expenses. They are allowed:

The Individual Income Tax Return

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

Accounting Periods and Methods and Depreciation

Capital Gains and Losses

Withholding Estimated Payments and Payroll Taxes

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

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