Homework Answers
2.False
Parents who adopt a child with special needs and are not basing their request on expenses should claim the credit the year of finalization. Parents who adopt internationally cannot claim the credit until the year of finalization. Parents who are adopting from the U.S. and claiming qualified adoption expenses can claim the credit the year of finalization or the year after they spent the funds.
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Question 12 (1 point) The adoption credit cannot be taken if the adoption of a U.S....
Which of the following is not true of the adoption credit for a special needs adoption?...
Which of the following is not true of the adoption credit for a special needs adoption? Choose one answer. a. The special needs criteria are determined by the state. b. The credit can be taken even if there are no expenses. c. The child has to be disabled for the adoption to be considered special needs. d. It is a nonrefundable credit.
O b) False Question 12 (1 point) An adoption agreement contains all the requirements necessary for...
O b) False Question 12 (1 point) An adoption agreement contains all the requirements necessary for a plan to be a qualified plan. O a) True O b) False Question 13 (1 point) An employer wanting to elect a large number of customized design features can generally u an adoption agreement.
Question 1 (1 point) For purposes of the child and dependent care credit, only the custodial...
Question 1 (1 point) For purposes of the child and dependent care credit, only the custodial parent can claim a child as a qualifying child. 1) True 2) False
Question 6 (1 point) For purposes of claiming the earned income credit, a married child must...
Question 6 (1 point) For purposes of claiming the earned income credit, a married child must be the taxpayer's dependent in order to claim the child as a qualifying child. 2) False 1) True 2) False
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child...
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child who is not incapacitated must be under age 13. 1) True 2) False
Question 12 (1 point) Taxpayers paying or receiving alimony must file Form 1040. 1) True 2)...
Question 12 (1 point) Taxpayers paying or receiving alimony must file Form 1040. 1) True 2) False a o Question 13 (1 point) The imputed interest rules do not apply to compensation-related loans of $10,000 or less (assuming no tax avoidance motive). ! 1) True 2) False Question 14 (1 point) The "kiddie tax" is imposed on any child who has at least one living parent or stepparent. 1) True 2) False Question 15 (1 point) For higher-income taxpayers, it...
Question 1 (1 point) A widow with a dependent child uses the married filing jointly filing...
Question 1 (1 point) A widow with a dependent child uses the married filing jointly filing status for the two years immediately after the year of the spouse's death. 1) True 2) False Question 2 (1 point) Abe and Tammy divorced in 2009. Abe continues to support Tammy's mother, who lives in a nursing home. Abe cannot claim his mother-in-law as a dependent because she no longer passes the relationship test. ( 1) True 2) False Question 3 (2 point)...
Question 1 (1 point) For tax years beginning after 2017 and before 2026, the initial child...
Question 1 (1 point) For tax years beginning after 2017 and before 2026, the initial child tax credit equals $2,000 for a dependent child under the age of 17. 1) True 2) False
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their...
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their filing status if they were not married more than half of the taxable year. True False Question 12 (1 point) Josh took care of his 5 year old brother for 5 months in 2019. During that time, Josh provided all of the housing and support for his brother. His mother took care of his brother the rest of the year. What would Josh claim...
Taxation Question 35) Which of the following statements regarding adoption credits is not true? A) Qualified...
Taxation Question
35) Which of the following statements regarding adoption credits is not true? A) Qualified expenses do not include employer reimbursements. B) An eligible child may be up to the age of 18. C) The credit may be claimed regardless of the taxpayer's modified AGI amounts. D) Qualified expenses include adoption fees, attorney fees and court costs
O b) False Question 12 (1 point) An adoption agreement contains all the requirements necessary for a plan to be a qualified plan. O a) True O b) False Question 13 (1 point) An employer wanting to elect a large number of customized design features can generally u an adoption agreement.
Question 1 (1 point) For purposes of the child and dependent care credit, only the custodial parent can claim a child as a qualifying child. 1) True 2) False
Question 6 (1 point) For purposes of claiming the earned income credit, a married child must be the taxpayer's dependent in order to claim the child as a qualifying child. 2) False 1) True 2) False
Question 10 (1 point) For purposes of the child and dependent care credit, a dependent child who is not incapacitated must be under age 13. 1) True 2) False
Question 12 (1 point) Taxpayers paying or receiving alimony must file Form 1040. 1) True 2) False a o Question 13 (1 point) The imputed interest rules do not apply to compensation-related loans of $10,000 or less (assuming no tax avoidance motive). ! 1) True 2) False Question 14 (1 point) The "kiddie tax" is imposed on any child who has at least one living parent or stepparent. 1) True 2) False Question 15 (1 point) For higher-income taxpayers, it...
Question 1 (1 point) A widow with a dependent child uses the married filing jointly filing status for the two years immediately after the year of the spouse's death. 1) True 2) False Question 2 (1 point) Abe and Tammy divorced in 2009. Abe continues to support Tammy's mother, who lives in a nursing home. Abe cannot claim his mother-in-law as a dependent because she no longer passes the relationship test. ( 1) True 2) False Question 3 (2 point)...
Question 1 (1 point) For tax years beginning after 2017 and before 2026, the initial child tax credit equals $2,000 for a dependent child under the age of 17. 1) True 2) False
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their filing status if they were not married more than half of the taxable year. True False Question 12 (1 point) Josh took care of his 5 year old brother for 5 months in 2019. During that time, Josh provided all of the housing and support for his brother. His mother took care of his brother the rest of the year. What would Josh claim...
Taxation Question
35) Which of the following statements regarding adoption credits is not true? A) Qualified expenses do not include employer reimbursements. B) An eligible child may be up to the age of 18. C) The credit may be claimed regardless of the taxpayer's modified AGI amounts. D) Qualified expenses include adoption fees, attorney fees and court costs
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