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Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
I wanted to know if the answer I marked is correct Question 56 of 75. Carlie...
I wanted to know if the answer I marked is correct
Question 56 of 75. Carlie (28) is the beneficiary of her deceased grandmother's traditional IRA. She received a Form 1099-R reporting the $10,000 gross distribution. The form had a distribution code "4" in box 7, indicating that the distribution is due to death. What is the tax consequence of this distribution? The entire amount is tax-free and penalty-free. The only tax to which Carlie is subject is the 10%...
1.) Roy(39) is a US citizen. He was married at the beginning of 2019. His wife...
1.) Roy(39) is a US citizen. He was married at the beginning of
2019. His wife lived in the household until august. Their divorce
was finalized on Sept 30, and roy has not remarried. Roy provided
100% of support for his son, who lived with him all year and is his
qualifying child. Roy's most advantageous filling status is?
A. Head of household.
B. Married filing seperate
C. Married filling joint
D. Single.
Question 56 of 75. Carlie (28) is...
HOMEWORK 1: Answer the questions for each of the following situations. Explain cach answer. 1. In...
HOMEWORK 1: Answer the questions for each of the following situations. Explain cach answer. 1. In 2018 Hugh and Helen adopted an eligible child. This child is a U.S. citizen. In 2017, they paid qualified adoption expenses of $2,000 (not claimed in 2017). In 2018, they paid qualified adoption expenses of $3,500 and their modified AGI was $75,000. The adoption was final in 2018. a. How much is their adoption credit in 2017? b. How much is their adoption credit...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017,...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
Problem 7-10 Child and Dependent Care Credit (LO 7.3) Clarita is a single taxpayer with two...
Problem 7-10 Child and Dependent Care Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 –...
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...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
1.) Ruth and Steve will file a joint return. During the year, they received dividends from...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
Question...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
I wanted to know if the answer I marked is correct
Question 56 of 75. Carlie (28) is the beneficiary of her deceased grandmother's traditional IRA. She received a Form 1099-R reporting the $10,000 gross distribution. The form had a distribution code "4" in box 7, indicating that the distribution is due to death. What is the tax consequence of this distribution? The entire amount is tax-free and penalty-free. The only tax to which Carlie is subject is the 10%...
1.) Roy(39) is a US citizen. He was married at the beginning of
2019. His wife lived in the household until august. Their divorce
was finalized on Sept 30, and roy has not remarried. Roy provided
100% of support for his son, who lived with him all year and is his
qualifying child. Roy's most advantageous filling status is?
A. Head of household.
B. Married filing seperate
C. Married filling joint
D. Single.
Question 56 of 75. Carlie (28) is...
HOMEWORK 1: Answer the questions for each of the following situations. Explain cach answer. 1. In 2018 Hugh and Helen adopted an eligible child. This child is a U.S. citizen. In 2017, they paid qualified adoption expenses of $2,000 (not claimed in 2017). In 2018, they paid qualified adoption expenses of $3,500 and their modified AGI was $75,000. The adoption was final in 2018. a. How much is their adoption credit in 2017? b. How much is their adoption credit...
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...
When a taxpayer who began receiving pension benefits in 2019 receives a Form 1099-R with an amount reported for total employee contributions in box 9b, the distribution is generally: O Fully taxable. Never taxable. Only taxable at the state and local level. Partially taxable. A paid tax return preparer who fails to satisfy the due diligence requirements when preparing a return for a taxpayer claiming eligibility for the Earned Income Tax Credit, the Child Tax Credit and/or the Additional Child...
1.) Ruth and Steve will file a joint return. During the year,
they received dividends from a mutual fund investment, and they
received a 2019 Form 1099-DIV reporting a distribution of $1,000 in
total ordinary dividends, shown in box 1, and qualified dividends
of $1,000, shown in box 2. Their only other income was from wages.
Their taxable income for the year was $86,500. How much tax will
they pay on their dividend income?
A. $150
B.$200
C.$220
D.$300
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