The Other Dependent Credit is: Choose one answer. a. A refundable credit of $500 b. A...
The Other Dependent Credit is:
Choose one answer.
| a. A refundable credit of $500 | ||
| b. A nonrefundable credit of $500 | ||
| c. A refundable credit of $1,000 | ||
| d. A nonrefundable credit of $1,000 |
Homework Answers
|
Answer) option b A nonrefundable credit of $500 This is a non-refundable tax credit of up to $500 per qualifying person |
Add Answer to:
The Other Dependent Credit is:
Choose one answer.
a. A refundable credit of $500
b. A...
Which of the following statements is not true regarding the $500 credit for dependent other than...
Which of the following statements is not true regarding the $500 credit for dependent other than a qualifying child credit. Cannot be claimed on the same tax return if the child tax credit is also been claimed. Has no age limit. Is available to dependence with an ITIn Is nonrefundable
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning...
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning education credit 2) The retirement savings contributions credit 3) The premium tax credit 4) The child and dependent care credit 5) None of the above is refundable credits Question 39 (1 point) Which of the following credits may be partially refundable and partially nonrefundable? 1) The child tax credit 2) The retirement savings contributions credit 3) The child and dependent care credit 4) The...
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on...
Most refundable credits are reported on Schedule 5, but the following credits are reported directly on Form 1040, Line 17: Choose one answer. a. Earned Income Credit, Child Tax Credit, Additional Child Tax Credit b. Child Tax Credit, Credit for Other Dependents, Energy Credit c. Child and Dependent Care Credit, Adoption Credit, Earned Income Credit d. Earned Income Credit, Additional Child Tax Credit, Refundable portion of American Opportunity Credit
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit.
Monroe is Choose one answer. a. Child Support b. Non-employee compensation c. Benefits from the Veteran's...
Monroe is
Choose one answer. a. Child Support b. Non-employee compensation c. Benefits from the Veteran's Affairs d. Welfare benefits If the taxpayer files married filing separate, which of the following statements is not correct? Choose one answer. a. Cannot take any education credits. b. Cannot take the earned income credit. C. Cannot take the child tax credit. d. Cannot take the credit for child and dependent care expenses. AGI - Standard or Itemized Deduction - QBIDE a. Total Income...
Exam Question 27 of 35 Select the best answer. Craig Whitehall has a nonrefundable credit of...
Exam Question 27 of 35 Select the best answer. Craig Whitehall has a nonrefundable credit of $1,500, a tax liability of $2,000, and total withholding for the year of $1,000. What will Craig's tax refund be when he files his Form 1040? O A. $500 o B. $1,000 o C. $1,500 o D. $2,000 Submit Answers
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
Which of the following is not true of the adoption credit for a special needs adoption?...
Which of the following is not true of the adoption credit for a special needs adoption? Choose one answer. a. The special needs criteria are determined by the state. b. The credit can be taken even if there are no expenses. c. The child has to be disabled for the adoption to be considered special needs. d. It is a nonrefundable credit.
Which of the following statements is not correct on investment interest? Choose one answer. a. Form...
Which of the following statements is not correct on investment interest? Choose one answer. a. Form 4952 is used to determine the deductible investment interest b. Investment income includes interest, dividends, royalties, and annuities. c. Investment income is generally derived from a non-passive activity. d. X Sally is single, age sixty, and works as a sales clerk in 2018. She has no other income. Sally contributed $2000 to her IRA. After the adjustment for her IRA deduction, the AGI on...
Which of the following cannot be included in medical expenses deducted on Schedule A? Choose one...
Which of the following cannot be included in medical expenses deducted on Schedule A? Choose one answer. a. Eye doctor appointments and glasses b. Seeing-eye dog for a blind person c. Wages paid for nursing services d. Surgery for purely cosmetic reasons Which of the following is not an eligibility requirement for claiming the earned income credit with a qualifying child? Choose one answer. a. You must have earned income. b. You must claim your qualifying child as a dependent....
Question 35 (1 point) Which of the following is a refundable credit? 1) The lifetime learning education credit 2) The retirement savings contributions credit 3) The premium tax credit 4) The child and dependent care credit 5) None of the above is refundable credits Question 39 (1 point) Which of the following credits may be partially refundable and partially nonrefundable? 1) The child tax credit 2) The retirement savings contributions credit 3) The child and dependent care credit 4) The...
Monroe is
Choose one answer. a. Child Support b. Non-employee compensation c. Benefits from the Veteran's Affairs d. Welfare benefits If the taxpayer files married filing separate, which of the following statements is not correct? Choose one answer. a. Cannot take any education credits. b. Cannot take the earned income credit. C. Cannot take the child tax credit. d. Cannot take the credit for child and dependent care expenses. AGI - Standard or Itemized Deduction - QBIDE a. Total Income...
Exam Question 27 of 35 Select the best answer. Craig Whitehall has a nonrefundable credit of $1,500, a tax liability of $2,000, and total withholding for the year of $1,000. What will Craig's tax refund be when he files his Form 1040? O A. $500 o B. $1,000 o C. $1,500 o D. $2,000 Submit Answers
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
Which of the following statements is not correct on investment interest? Choose one answer. a. Form 4952 is used to determine the deductible investment interest b. Investment income includes interest, dividends, royalties, and annuities. c. Investment income is generally derived from a non-passive activity. d. X Sally is single, age sixty, and works as a sales clerk in 2018. She has no other income. Sally contributed $2000 to her IRA. After the adjustment for her IRA deduction, the AGI on...
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