Homework Answers
Question - (1)
Answer -
| Particulars | Explanation |
| A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than $3600. |
The Earned Income Tax Credit (EITC) is a refundable tax credit, and for the tax year 2019, to claim the Earned Income Tax Credit (EITC) the investment income must be $3600 or less for the year. |
Hence, Option - (D) is Correct.
.
Question - (2)
Answer -
| Particulars | Adoption tax credit | Explanation |
| The maximum amount they may be eligible to claim for the Adoption Credit on their 2019 return. | $14080 |
Taxpayers who adopt a child can qualify for the adoption tax credit. Maximum Adoption Tax Credit is $14080 per child for tax year 2019. Adoption Tax Credit is subject to a phaseout, for tax year 2019, the modified adjusted gross income (MAGI) phaseout begins at $211160 and ends at $251160. In the given case, full amount of $14080 Adoption Tax Credit can be claimed, because MAGI is below $211160. |
Hence, Option - (D) is Correct.
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