Homework Answers
Option d is correct. To be eligible for lifetime learning credit, the other American opportunity credit should not be claimed.
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__5. Which of the following is true of a student who has eligible expenses under the...
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...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
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...
In each of the following cases, certain qualifying education expenses were paid during the tax year...
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a...
The first base and second base amounts are used to determine whether Marks: 1 Choose one...
The first base and second base amounts are used to determine whether Marks: 1 Choose one answer a None of social security benefits are taxable b. Up to 50% of social security benefits are taxable c. Up to 85% of social security benefits are taxable All of these O d 68 In 2018, Tim takes one class at a local university to earn credits toward a degree in accounting He is now a sophomore in college. Which credit is he...
Walt and deloris, who file a joint return, have two dependent children, bill and Tiffany. Bill...
Walt and deloris, who file a joint return, have two dependent
children, bill and Tiffany. Bill is a freshman at state university,
and Tiffany is working on her graduate degree. The couple pid
qualified expenses of $2,000 for Bill (who is a half-time student)
and $7,300 for Tiffany.
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple...
Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree...
Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree in accounting during 2018. He has never had a felony drug conviction. Aiden did not provide more than half of his own support and can be claimed as a dependent by his mother. Aiden’s income was $4,000 in wages working as a part-time cook at a fast food restaurant. Aiden received Form 1098-T indicating $5,000 for payments received for qualified tuition and related expenses...
• Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing...
• Noah, age 65, and Ella, age 54, are married. They elect to fle Married Filing Jointly. • Their son Leo is 23 years old and a full-time college student in his third year of study He is pursuing a degree in Business Administration and does not have a felony drug conviction His 2018 Form 1098-T did not have an amount entered in box 2 • Their son Freddie is 26 years old and graduated from college in June 2019...
Basic Scenario 7: Evie Adams. Evie is single and has two young girls who lived with...
Basic Scenario 7: Evie Adams. Evie is single and has two young girls who lived with her all year. Evie paid more than half of the support for her daughters and all the cost keeping up the home. Evie was unemployed for two months March and April. She cashed in her 401k and used the money to pay for living expenses. Evie is paying off a student loan that she took out when she attended college for her bachelors degree....
Advanced Scenario 5: Fran EmersonDirections Using the tax software, complete the tax return, including Form 1040...
Advanced Scenario 5: Fran EmersonDirections Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets . Answer the questions following the scenario . Note: When entering Social Security numbers (SSNs) or Employer IdentificationNumbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes Fran’s husband died in March 2017. Fran filed a joint return with her husband for2017 . She has not remarried . Fran...
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...
Credits Question 20 of 75. Which statement about the Credit for Other Dependents is FALSE? The qualifying child may be 17 years of age or older. The qualifying dependent may have an ITIN or ATIN (Adoption tax identification number). The qualifying dependent may be the taxpayer's aging parent. The credit is $1,000 per qualifying dependent. Mark for follow up Question 21 of 75. Which statement about education credits is FALSE? A student may qualify for the lifetime learning credit if...
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a...
The first base and second base amounts are used to determine whether Marks: 1 Choose one answer a None of social security benefits are taxable b. Up to 50% of social security benefits are taxable c. Up to 85% of social security benefits are taxable All of these O d 68 In 2018, Tim takes one class at a local university to earn credits toward a degree in accounting He is now a sophomore in college. Which credit is he...
Walt and deloris, who file a joint return, have two dependent
children, bill and Tiffany. Bill is a freshman at state university,
and Tiffany is working on her graduate degree. The couple pid
qualified expenses of $2,000 for Bill (who is a half-time student)
and $7,300 for Tiffany.
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple...
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