Homework Answers
Solution:
There is no income phase out or income cut off rule for section 527 plan benefits.
Everyone can claim section 527 benefits irrespective of their income.
Hence option D is correct,
Add Answer to:
Select the best answer. There no income phase-out or income cutoff rule for which of the...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $1...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $12,000 for David from January through December and $3,000 for Tommy from January through June. John’s earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit? a) $15,000 b) $ 5,000 c) $ 6,000 d) $ 3,000 B. Amy is single and works part-time...
Question 40 (1 point) Which of the following statements is not correct regarding the education credit?...
Question 40 (1 point) Which of the following statements is not correct regarding the education credit? 1) The lifetime learning credit is 100% nonrefundable. 2 Lower AGI thresholds apply to reduce the American opportunity credit for higher income taxpayers. 3) The lifetime learning credit is available to students who attend graduate school 4 The maximum American opportunity credit is $2,500 for each eligible All of the above statements are connect O bie 0 L * c v BN 142 391
Select the best answer Which of the following does not qualify as a higher education expense...
Select the best answer Which of the following does not qualify as a higher education expense from a 529 plan in connection with homeschooling? o A. Online education materials 0 B. Educational therapies for students with disabilities O C. Tutoring outside the home by a parent of the student o D. Books and other instructional materials Submit Answers
Taxation Question 14) Which of the following statements is not true regarding the education credits? A)...
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit...
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit for non-degree program expenses, clients shou ld always: Check out the availability of other education tax breaks such as tax-free assistance from A. employers. Claim the American Opportunity credit, which is available for any and all non-degree program B. expenses Reduce grosS income from their returns by the amount of tuition in order to reduce their C. reported MAGI D. Ask for a private...
Select the best answer. Why can the seven-day rule can sometimes turn out to be advantageous...
Select the best answer. Why can the seven-day rule can sometimes turn out to be advantageous for owners who can meet the material participation standard for vacation homes classified as rental properties? They can deduct their vacation home rental losses without regard to the passive activity loss limitations. O B . They can qualify for the $50,000 rental real estate exception to the passive loss rules. O C. All rental income is tax-free for a property that falls under the...
Jason's job is going great, and this past year he decided to work part-time so that...
Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his master's degree. Jason went to a highly ranked school, and tuition and fees were $15,200 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Jason is filing his tax return. His...
Select the best answer. For tax years beginning in 2019, what is the maximum Section 179...
Select the best answer. For tax years beginning in 2019, what is the maximum Section 179 deduction for qualifying real property expenditures? O A. $25,000 o B. $250,000 O C. $510,000. O D. $1.02 million. Submit Answers
Select the best answer. Which of the following is a TCJA change that impacts businesses? Elimination...
Select the best answer. Which of the following is a TCJA change that impacts businesses? Elimination of employer deductions for the cost of providing qualified employee transportation fringe benefits: parking allowances, mass transit passes, and van pooling. O B. Tax-free treatment for employees who receive qualified transportation fringe benefits. O C. Full deductibility for business interest expense in all cases. Tax-free treatment for up to $250 per month for employer paid bicycle commuting allowances. Submit Answers
Exam Question 14 of 15 Select the best answer. Which of the following sets of choices...
Exam Question 14 of 15 Select the best answer. Which of the following sets of choices may not switch back and forth by year? A. Foreign earned income exclusion versus foreign tax credit. B. Bona fide residence versus physical presence test O C. Specific date exchange rates versus average exchange rate 0 D. Foreign housing exclusion versus no foreign housing exclusion. Submit Answers
Question 40 (1 point) Which of the following statements is not correct regarding the education credit? 1) The lifetime learning credit is 100% nonrefundable. 2 Lower AGI thresholds apply to reduce the American opportunity credit for higher income taxpayers. 3) The lifetime learning credit is available to students who attend graduate school 4 The maximum American opportunity credit is $2,500 for each eligible All of the above statements are connect O bie 0 L * c v BN 142 391
Select the best answer Which of the following does not qualify as a higher education expense from a 529 plan in connection with homeschooling? o A. Online education materials 0 B. Educational therapies for students with disabilities O C. Tutoring outside the home by a parent of the student o D. Books and other instructional materials Submit Answers
Taxation Question
14) Which of the following statements is not true regarding the education credits? A) The American opportunity tax credit is only available for the first two years of postsecondary education. B) The lifetime learning credit is limited to $2,000 per taxpayer per year. C) The American opportunity tax credit is limited to $2,500 per student per year. D) A taxpayer cannot receive the American opportunity tax credit if he/she has a felony drug conviction. 15) Which of the...
When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit for non-degree program expenses, clients shou ld always: Check out the availability of other education tax breaks such as tax-free assistance from A. employers. Claim the American Opportunity credit, which is available for any and all non-degree program B. expenses Reduce grosS income from their returns by the amount of tuition in order to reduce their C. reported MAGI D. Ask for a private...
Select the best answer. Why can the seven-day rule can sometimes turn out to be advantageous for owners who can meet the material participation standard for vacation homes classified as rental properties? They can deduct their vacation home rental losses without regard to the passive activity loss limitations. O B . They can qualify for the $50,000 rental real estate exception to the passive loss rules. O C. All rental income is tax-free for a property that falls under the...
Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his master's degree. Jason went to a highly ranked school, and tuition and fees were $15,200 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Jason is filing his tax return. His...
Select the best answer. For tax years beginning in 2019, what is the maximum Section 179 deduction for qualifying real property expenditures? O A. $25,000 o B. $250,000 O C. $510,000. O D. $1.02 million. Submit Answers
Select the best answer. Which of the following is a TCJA change that impacts businesses? Elimination of employer deductions for the cost of providing qualified employee transportation fringe benefits: parking allowances, mass transit passes, and van pooling. O B. Tax-free treatment for employees who receive qualified transportation fringe benefits. O C. Full deductibility for business interest expense in all cases. Tax-free treatment for up to $250 per month for employer paid bicycle commuting allowances. Submit Answers
Exam Question 14 of 15 Select the best answer. Which of the following sets of choices may not switch back and forth by year? A. Foreign earned income exclusion versus foreign tax credit. B. Bona fide residence versus physical presence test O C. Specific date exchange rates versus average exchange rate 0 D. Foreign housing exclusion versus no foreign housing exclusion. Submit Answers
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