Question

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 they have a felony drug conviction. Only four-year colleges are eligible institutions for the American Opportunity Credit. A taxpayer can claim the American Opportunity Credit for only four tax years. A taxpayer enrolled as a part-time student is eligible for the lifetime learning credit. Mark for follow up

Answer 1

Part 20

Answer is option D

D. the credit is $1000 per qualifying dependent.

The credit for other dependents is $500 per qualifying dependent.

Part 21

Answer is option B

B. only four-year colleges are eligible institutions for the American opportunity credit

Eligible institutions for the American opportunity credit include an accredited college, university, accredited post-secondary educational institution or vocational school.

Part 22

Answer is Option D

D. tax liability, but may not exceed the tax liability

Refundable credits like child tax credit, credit for other dependent reduce the tax liability. They called refundable as they reduce the amount of tax liability below zero and in that case the taxpayer receives refund.