Which of the following statements is not true regarding the $500 credit for dependent other than...
Homework Answers
500$ credit for dependant is REFUNDABLE. Hence the fourth statement is not true.
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Which of the following statements is not true regarding the $500
credit for dependent other than...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit.
which of the following statement is true? A. The maximum nonrefundable amount of the child tax...
which of the following statement is true? A. The maximum nonrefundable amount of the child tax credit is $1000 per qualifying child B. The credit of other dependents is a refundable credit C. The amount of the refundable additional child tax credit is limited to $2000 per qualifying child D. Children with an ITIN do not qualify for the child tax credit and the additional child tax credit
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
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...
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...
With regard to the child tax credit which of the following statements is correct? The child...
With regard to the child tax credit which of the following statements is correct? The child tax credit is based on the number of the taxpayer's qualifying children under age 17. The maximum credit is $1,500 per qualifying child. A qualifying child does not need to be a citizen of the United States. A qualifying child does not need to be a dependent of the taxpayer claiming the credit. The credit is phased out by $50 for every $1,000 or...
In 2020, David is age 78, is a widower, and is being claimed as a dependent...
In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
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
Which of the following is not a test or requirement to claim a dependent as a...
Which of the following is not a test or requirement to claim a dependent as a qualifying child? marital status of dependent filing status the dependent uses on their separate tax return relationship to the taxpayer principal residence of the dependent age of the dependent
Which of the following is not a test or requirement to claim a dependent as a...
Which of the following is not a test or requirement to claim a dependent as a qualifying child? marital status of dependent O filing status the dependent uses on their separate tax return relationship to the taxpayer principal residence of the dependent age of the dependent
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
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...
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...
With regard to the child tax credit which of the following statements is correct? The child tax credit is based on the number of the taxpayer's qualifying children under age 17. The maximum credit is $1,500 per qualifying child. A qualifying child does not need to be a citizen of the United States. A qualifying child does not need to be a dependent of the taxpayer claiming the credit. The credit is phased out by $50 for every $1,000 or...
In 2020, David is age 78, is a widower, and is being claimed as a dependent by his son. How does this situation affect the following: (a) filing requirements, (b) the basic standard deduction, and (c) any additional standard deduction amounts. a. Indicate whether the following statements are "True" or "False" regarding David's own individual filing requirement. False • An individual who can be claimed as a dependent on another person's tax return must file a tax return if his...
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
Which of the following is not a test or requirement to claim a dependent as a qualifying child? marital status of dependent filing status the dependent uses on their separate tax return relationship to the taxpayer principal residence of the dependent age of the dependent
Which of the following is not a test or requirement to claim a dependent as a qualifying child? marital status of dependent O filing status the dependent uses on their separate tax return relationship to the taxpayer principal residence of the dependent age of the dependent
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