Homework Answers
The correct answer is Option 'C' The statement "The credit may be claimed regardless of the taxpayer's modified AGI amount" is not true.
The adoption credit amount depends upon the modified AGI mount.
All other Options are true statements:
--Employer reimbursements are excluded from qualified
expenses
--Adopted child should be below 18 years of age, and
--Adoption fees, attorney's fees and court costs are included in
qualified expenses.
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Taxation Question 35) Which of the following statements regarding adoption credits is not true? A) Qualified...
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...
In late 2016, Randy and Rachel Erwin paid $8,300 in legal fees, adoption fees, and other...
In late 2016, Randy and Rachel
Erwin paid $8,300 in legal fees, adoption fees, and other expenses
directly related to the adoption of an infant son, Jameson. The
adoption becomes final in 2017, and the Erwins then pay an
additional $9,545 in adoption fees. Their 2017 AGI amounts to
$190,895. a. Randy and Rachel are eligible for a $ 13,570 adoption
credit in 2017. b. If the Erwins' 2017 AGI is $222,200, adoption
tax credit is $ . (Round any...
Which of the following statements is true? A. The key regarding qualified retirement plans is that...
Which of the following statements is true? A. The key regarding qualified retirement plans is that they provide tax deferral of investments. B. To avoid the 10% penalty, generally an employee should not withdraw retirement money BEFORE the age of 59 1/2. C. Qualified retirement plans include defined benefit plans, as well as ESOPs, IRAs, and 401K plans. D. All of the above are true statements.
Essay C. Answer the following questions based on code sections 137 and 104. Code $ 137...
Essay C. Answer the following questions based on code sections 137 and 104. Code $ 137 - Adoption assistance programs (a) Exclusion (1) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for qualified adoption expenses in connection with the adoption of a child by an employee if such amounts are furnished pursuant to an adoption assistance program. (2) $10,000 exclusion for adoption of child with special needs regardless of expenses...
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...
Which of the following statements is not true regarding the $500 credit for dependent other than...
Which of the following statements is not true regarding the $500 credit for dependent other than a qualifying child credit. Cannot be claimed on the same tax return if the child tax credit is also been claimed. Has no age limit. Is available to dependence with an ITIn Is nonrefundable
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe...
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe benefits under § 132. a. Under the no-additional-cost service type of fringe benefit, the employer does not incur substantial additional cost, including forgone revenue, in providing the services to the employee. b. In the case of services, the qualified employee discount exclusion is limited to 5 percent of the customer price. c. For working condition fringes, generally, an employee is not required to include...
which of the following statements is true?a, a married couple must file jointly in order to...
which of the following statements is true?a, a married couple must file jointly in order to take either the student loan interest deduction or the tuition and fees deduction B, room and board expenses can be deducted under the tuition and fees deduction c there is no limit on the amount of qualified expenses that can be deducted d. there is no modified agi limitation on either the student loan interest deduction or the tuition and fees deduction
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...
Which of the following statements is true regarding the deduction for qualified business income (QBI)? A....
Which of the following statements is true regarding the deduction for qualified business income (QBI)? A. The deduction changes the calculation of self-employment tax. B. Taxable income is reduced below zero by the deduction. C. The deduction is not limited by income or service trade or business. D. A sole proprietor may be able to deduct up to 20% of QBI.
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...
In late 2016, Randy and Rachel
Erwin paid $8,300 in legal fees, adoption fees, and other expenses
directly related to the adoption of an infant son, Jameson. The
adoption becomes final in 2017, and the Erwins then pay an
additional $9,545 in adoption fees. Their 2017 AGI amounts to
$190,895. a. Randy and Rachel are eligible for a $ 13,570 adoption
credit in 2017. b. If the Erwins' 2017 AGI is $222,200, adoption
tax credit is $ . (Round any...
Essay C. Answer the following questions based on code sections 137 and 104. Code $ 137 - Adoption assistance programs (a) Exclusion (1) In general Gross income of an employee does not include amounts paid or expenses incurred by the employer for qualified adoption expenses in connection with the adoption of a child by an employee if such amounts are furnished pursuant to an adoption assistance program. (2) $10,000 exclusion for adoption of child with special needs regardless of expenses...
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...
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe benefits under § 132. a. Under the no-additional-cost service type of fringe benefit, the employer does not incur substantial additional cost, including forgone revenue, in providing the services to the employee. b. In the case of services, the qualified employee discount exclusion is limited to 5 percent of the customer price. c. For working condition fringes, generally, an employee is not required to include...
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...
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