Exam 9: Tax Credits Form 1040, lines 46 Through 54 and Lines 66a Through 73

Tina has $93,000 total taxable income,which includes $18,000 of taxable income from Japan.She paid $2,200 in foreign income taxes and her U.S.tax liability is $19,610.Tina's foreign tax credit is: Do not round interim calculations.)

(Multiple Choice)

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Question 121

Taxpayers can claim a child tax credit for each qualifying child.How is a qualifying child defined?

(Essay)

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Question 122

Which of the following statements is true about education credits?

(Multiple Choice)

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Question 123

Arin and Bo have $74,000 total taxable income,which includes $13,500 of taxable income from France.They paid $1,600 in foreign income taxes,and their U.S.tax liability is $17,610.Arin and Bo's foreign tax credit is:

(Multiple Choice)

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Question 124

Shawn and Dahlia are married; both work and have one qualifying child.They had AGI of $19,000.What is their Earned Income Credit?

(Multiple Choice)

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Question 125

Harrison is single and his son Jack is 12 years old.If his AGI is $195,000,what amount of child tax credit can Harrison claim?

(Multiple Choice)

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Question 126

Dean and Sue are married filing jointly with AGI of $28,000.They made a $1,500 contribution to a qualified retirement plan.How much is their retirement savings contributions credit?

(Multiple Choice)

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Question 127

The earned income credit is available for taxpayers with children only.

(True/False)

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Question 128

The maximum lifetime learning credit per taxpayer is $3,000 per year.

(True/False)

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Question 129

Noah and Olivia have two boys,Jordan,age 6 and Jack,age 5.Their AGI is $176,000.What amount of child tax credit can they claim?

(Multiple Choice)

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Question 130

Jesus and Mindy have modified AGI of $210,000,adopted a girl from Miami,Florida,and incurred a total of $18,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year? Do not round interim calculations)

(Multiple Choice)

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Question 131

The maximum child tax credit is $1,000 per child.

(True/False)

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Question 132

The retirement savings contributions credit is available regardless of the income level of the taxpayer.

(True/False)

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Question 133

Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters,Nicole and Naomi,respectively,to attend the University of Nevada.Nicole is a sophomore and Naomi is a freshman.Nick and Katelyn's AGI is $202,000.What is their allowable American opportunity tax credit?

(Multiple Choice)

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Question 134

Andrew and Marina are married filing joint and have modified AGI of $77,500.Andrew made a contribution to a qualified retirement plan of $2,000 during the year.How much is their retirement savings contributions credit?

(Multiple Choice)

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Question 135

Thomas and Emma are married,file a joint return,and have three qualifying children.Their AGI was $21,000.What is their EIC?

(Multiple Choice)

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Question 136

Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college.How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits?

(Multiple Choice)

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Question 137

The retirement savings contributions credit is available for married filing joint taxpayers only.

(True/False)

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Question 138

Briefly explain how to calculate the child and dependent care credit and how the calculation for the credit is affected if the taxpayer's spouse does not work but is a full-time student instead.

(Essay)

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Question 139

If the modified AGI of a married filing joint taxpayer exceeds $130,000 in 2016,the lifetime learning credit phases out completely.

(True/False)

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Question 140

Showing 121 - 140 of 141

Tina has $93,000 total taxable income,which includes $18,000 of taxable income from Japan.She paid $2,200 in foreign income taxes and her U.S.tax liability is $19,610.Tina's foreign tax credit is: Do not round interim calculations.)

Taxpayers can claim a child tax credit for each qualifying child.How is a qualifying child defined?

Which of the following statements is true about education credits?

Arin and Bo have $74,000 total taxable income,which includes $13,500 of taxable income from France.They paid $1,600 in foreign income taxes,and their U.S.tax liability is $17,610.Arin and Bo's foreign tax credit is:

Shawn and Dahlia are married; both work and have one qualifying child.They had AGI of $19,000.What is their Earned Income Credit?

Harrison is single and his son Jack is 12 years old.If his AGI is $195,000,what amount of child tax credit can Harrison claim?

Dean and Sue are married filing jointly with AGI of $28,000.They made a $1,500 contribution to a qualified retirement plan.How much is their retirement savings contributions credit?

The earned income credit is available for taxpayers with children only.

The maximum lifetime learning credit per taxpayer is $3,000 per year.

Noah and Olivia have two boys,Jordan,age 6 and Jack,age 5.Their AGI is $176,000.What amount of child tax credit can they claim?

Jesus and Mindy have modified AGI of $210,000,adopted a girl from Miami,Florida,and incurred a total of $18,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year? Do not round interim calculations)

The maximum child tax credit is $1,000 per child.

The retirement savings contributions credit is available regardless of the income level of the taxpayer.

Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters,Nicole and Naomi,respectively,to attend the University of Nevada.Nicole is a sophomore and Naomi is a freshman.Nick and Katelyn's AGI is $202,000.What is their allowable American opportunity tax credit?

Andrew and Marina are married filing joint and have modified AGI of $77,500.Andrew made a contribution to a qualified retirement plan of $2,000 during the year.How much is their retirement savings contributions credit?

Thomas and Emma are married,file a joint return,and have three qualifying children.Their AGI was $21,000.What is their EIC?

Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college.How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits?

The retirement savings contributions credit is available for married filing joint taxpayers only.

Briefly explain how to calculate the child and dependent care credit and how the calculation for the credit is affected if the taxpayer's spouse does not work but is a full-time student instead.

If the modified AGI of a married filing joint taxpayer exceeds $130,000 in 2016,the lifetime learning credit phases out completely.

Introduction to Taxation, the Income Tax Formula, and Form 1040ez

Expanded Tax Formula, forms 1040a and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, royalties, and Income From Flow-Through Entities Line 17, form 1040, and Schedule E

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

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