Homework Answers
As per section 911 the foreign income earned is excluded.
So the answer for Q.55 is Option d.
As per From 2555 EZ, a taxpayer who has claimed foreign earned income exclusion he cannot claim foreign tax credit on the excluded income.
So the answer for Q.56 is Option b.
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Question 55 of 75. The foreign earned income exclusion is allowed under IRC Section 401 411...
Question 57 of 75. Can a taxpayer claim both the foreign earned income exclusion and the...
Question 57 of 75. Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? No, the taxpayer must choose one tax benefit of the other. Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country. Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category 1 0 Mark for...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
Tax laws of the foreign country or US possession Tax treaty between the US and the...
Tax laws of the foreign country or US possession Tax treaty between the US and the foreign country Totalization agreement between the US and the foreign country Mark for follow up Question 58 of 75. Which of the following is a correct action for a taxpayer who chooses the foreign carned income exclusion? Take a foreign tax credit on income that can be excluded Take a Schedule A deduction for taxes on income that can be excluded Figure tax on...
The foreign earned income exclusion is allowed under IRC Section
The foreign earned income exclusion is allowed under IRC Section
F6 F7 Mark for follow up Question 59 of 75. What criterion is used to determine...
F6 F7 Mark for follow up Question 59 of 75. What criterion is used to determine the date when foreign taxes accrue for purposes of the foreign tax credit? O U.S. tax law. Tax laws of the foreign country or U.S. possession. Tax treaty between the U.S. and the foreign country. Totalization agreement between the U.S. and the foreign country. Mark for follow up « Back Save / Return Later Summary Next »
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income...
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income exclusion? B. A. The taxpayer must have foreign earned income. The taxpayer must be physically present in a foreign country for 6 consecutive months during the tax year. The taxpayer's tax home must be in a foreign country. The taxpayer must be physically present in a foreign country for at least 330 full days during any period of 12 consecutive months. C. D.
The use of the earned income credit could result in a taxpayer receiving a refund even...
The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
Foreign-Earned Income Exclusion. Fred, a U.S. citizen, arrives in Country K on July 15, 2016, and...
Foreign-Earned Income Exclusion. Fred, a U.S. citizen, arrives in Country K on July 15, 2016, and proceeds to a construction site in its oil fields. Once there, he moves into employer- provided housing where he is required to reside. Except for brief periods of local travel and the months of July and August 2017, when he is on vacation in the United States, he remains at the site until his departure on December 1, 2018. He provides no services while...
Question 57 of 75. Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? No, the taxpayer must choose one tax benefit of the other. Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country. Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category 1 0 Mark for...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
Tax laws of the foreign country or US possession Tax treaty between the US and the foreign country Totalization agreement between the US and the foreign country Mark for follow up Question 58 of 75. Which of the following is a correct action for a taxpayer who chooses the foreign carned income exclusion? Take a foreign tax credit on income that can be excluded Take a Schedule A deduction for taxes on income that can be excluded Figure tax on...
F6 F7 Mark for follow up Question 59 of 75. What criterion is used to determine the date when foreign taxes accrue for purposes of the foreign tax credit? O U.S. tax law. Tax laws of the foreign country or U.S. possession. Tax treaty between the U.S. and the foreign country. Totalization agreement between the U.S. and the foreign country. Mark for follow up « Back Save / Return Later Summary Next »
Which of the following is NOT a requirement for a taxpayer to claim foreign earned income exclusion? B. A. The taxpayer must have foreign earned income. The taxpayer must be physically present in a foreign country for 6 consecutive months during the tax year. The taxpayer's tax home must be in a foreign country. The taxpayer must be physically present in a foreign country for at least 330 full days during any period of 12 consecutive months. C. D.
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
a ref Question 34 of 75. If a self-employed taxpayer fails to bring documentation to prove theit income but wants to claims the Earned income Credit, the Child Tax Credit/Additional Child Tax Credit, andlor the American Opportunity Credit, the Tax Professional O Must be given other evidence that the self-employment income is correct and complete before completing and signing the O Cannot prepare the return. Que return Pen OMay not claim any of these credits on the taxpayer's return. Should...
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