Assuming all other qualifications are met, which of the following Vermont residents may claim the credit,...
Assuming all other qualifications are met, which of the following Vermont residents may claim the credit, rebate, or deduction as described?
Rita (35) itemized on her federal tax return. She contributed $18,000 to her local church and has a Vermont tax liability of $312. She would like to claim the Vermont Charitable Contribution Credit in the amount of $900.
Michaela (35) itemized on her federal tax return. She contributed $6,000 to her local Boys and Girls Club and has a Vermont tax liability of $1,003. She would like to claim the Vermont Charitable Contribution Credit in the amount of $300.
Lindsey (29) has a household income of $47,229. Her allocable rent for 2019 is $9,900. She would like to file for a Renter Rebate Claim in the amount of $7,539.
Bob made a contribution of $1,000 to a qualifying Section 529 plan for his niece, Shayla. Bob's federal adjusted gross income (AGI) is $69,000, and his Vermont tax liability is $912. Bob would like to claim a tax credit in the amount of $1,000 for this contribution.
Homework Answers
| Rita (35) itemized on her federal tax return. She contributed $18,000 to her local church and has a Vermont tax liability of $312. She would like to claim the Vermont Charitable Contribution Credit in the amount of $900. | Correct | Vermont's Charitable Contribution Tax Credit is a 5% credit of the first $20,000 in eligible charitable contributions made during the taxable year |
| Michaela (35) itemized on her federal tax return. She contributed $6,000 to her local Boys and Girls Club and has a Vermont tax liability of $1,003. She would like to claim the Vermont Charitable Contribution Credit in the amount of $300. | incorrect | not qualified for charitable contribution |
| Lindsey (29) has a household income of $47,229. Her allocable rent for 2019 is $9,900. She would like to file for a Renter Rebate Claim in the amount of $7,539. | incorrect | Household Income did not exceed $47,000 |
| Bob made a contribution of $1,000 to a qualifying Section 529 plan for his niece, Shayla. Bob's federal adjusted gross income (AGI) is $69,000, and his Vermont tax liability is $912. Bob would like to claim a tax credit in the amount of $1,000 for this contribution. | incorrect | The tax credit equals 10% of the first $2,500 of contributions per beneficiary |
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Assuming all other qualifications are met, which of the
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Required information [The following information applies to the
questions displayed below.] Reba Dixon is a fifth-grade school
teacher who earned a salary of $38,400 in 2018. She is 45 years old
and has been divorced for four years. She receives $1,300 of
alimony payments each month from her former husband (divorced in
2016). Reba also rents out a small apartment building. This year
Reba received $50,200 of rental payments from tenants and she
incurred $19,578 of expenses associated with the...
Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with...
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