The Lifetime Learning Credit is limited to how much per year per tax return?
Homework Answers
Solution :- There is no limit of number of years of claiming lifetime learning credit . We can claim it upto any number of years
This Credit is available to eligible students and This Credit is available upto $2000 per year per tax return.
Add Answer to:
The
Lifetime Learning Credit is limited to how much per year per tax
return?
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...
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...
Lifetime Learning Credit 1. What are the eligibility requirements for this credit/deduction? (e.g. dependency, pay the...
Lifetime Learning Credit 1. What are the eligibility requirements for this credit/deduction? (e.g. dependency, pay the expenses, etc.) 2. What is the annual limit? 3. What expenses qualify besides tuition and required enrollment fees? 4. What education qualifies? 5. Which filing status qualifies? 6. What is the AGI phase- out?
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...
31. The Lifetime Learning credit may be taken for the following expenses: A. Tuition, fees, books,...
31. The Lifetime Learning credit may be taken for the following expenses: A. Tuition, fees, books, and living expenses. B. Tuition, all fees, and books. C. Tuition and most fees. 32. Which one of the following statements concerning estimated federal income tax is CORRECT? A. Estimated payments may be taken as itemized deductions on Schedule A. B. Estimated taxes paid during the current year are taken as a credit against the taxpayer’s tax liability. C. Estimated payments are reported on...
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...
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 American Banker's Association claims that the tax advantage of credit unions is worth about how...
The American Banker's Association claims that the tax advantage of credit unions is worth about how much money per year?
Under the special home purchase rule, how much is the lifetime limit on Roth IRA withdrawals...
Under the special home purchase rule, how much is the lifetime limit on Roth IRA withdrawals that can be treated as tax free? a. $10,000, b. $25,000, c. $50,000, d. $100,000.
Cadillac Square Corporation determined that $1,122,800 of its research tax credit on its current-year tax return...
Cadillac Square Corporation determined that $1,122,800 of its research tax credit on its current-year tax return was uncertain, but that it was more likely than not to be sustained on audit. Management made the following assessment of the company’s potential tax benefit from the deduction and its probability of occurring. Potential Estimated Benefit (000s) Individual Probability of Occurring (%) Cumulative Probability of Occurring (%) $ 1,122,800 47 47 $ 878,550 24 71 $ 180,300 21 92 0 8 100 What...
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...
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...
Lifetime Learning Credit 1. What are the eligibility requirements for this credit/deduction? (e.g. dependency, pay the expenses, etc.) 2. What is the annual limit? 3. What expenses qualify besides tuition and required enrollment fees? 4. What education qualifies? 5. Which filing status qualifies? 6. What is the AGI phase- out?
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...
Most questions answered within 3 hours.
-
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 18 minutes ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 20 minutes ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 17 minutes ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 20 minutes ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 24 minutes ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 43 minutes ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 55 minutes ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 57 minutes ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 58 minutes ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 58 minutes ago -
M. Laing has suggested a new arrangement of the periodic table
(J.Chem.Ed.1989, 66,
746). Answer the following...
asked 1 hour ago -
Café Michigan's manager, Gary Stark, suspects that demand for
mocha latte coffees depends on the price...
asked 1 hour ago