Exam 9: Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Presley and Jake are married filing joint taxpayers.They have twin sons,ages 7.If their AGI is $116,950,what amount of child tax credit can they claim?

(Multiple Choice)

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Question 61

The Affordable Care Act requires all individuals to have health care coverage.

(True/False)

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Question 62

Angelina is single and has modified AGI of $275,000.She adopted a boy from San Antonio,Texas,and incurred a total of $16,000 in qualified adoption expenses.What is the amount of adoption credit she can take?

(Multiple Choice)

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Question 63

Tina has $93,000 total taxable income,which includes $18,000 of taxable income from Japan.She paid $2,200 in foreign income taxes and her U.S.tax liability is $19,610.Tina's foreign tax credit is: (Do not round interim calculations)

(Multiple Choice)

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Question 64

Dane is a single father with two dependent children,Elle,age 7 and Eva,age 5.He has AGI of $61,000 and paid $6,100 to a qualified day care center for the two children.What amount of child and dependent care credit can Dane receive this year?

(Multiple Choice)

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Question 65

Max paid $2,500 in foreign income taxes to Peru.His total income was $65,000,which included $9,000 of foreign income.His U.S.tax liability is $17,750.How much can Max claim as foreign tax credit? (Do not round interim calculations. )

(Multiple Choice)

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Question 66

Brendan paid $950 to Brazil in foreign income taxes.His total income was $52,500,which included $12,000 of investment income from Brazil.His U.S.tax liability is $8,000.Brendan's foreign tax credit is:

(Multiple Choice)

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Question 67

Edward and Ethel are ages 71 and 59,respectively,and file a joint return.They have AGI of $11,000 and received $2,000 in nontaxable social security benefits.How much can Edward and Ethel take as a credit for the elderly or the disabled?

(Multiple Choice)

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Question 68

All taxpayers must file Form 1116 to receive the foreign tax credit.

(True/False)

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Question 69

The child tax credit of $1,000 per child is available for taxpayers with children under the age of 16.

(True/False)

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Question 70

Victoria is single with two qualifying children and AGI of $24,000.What is her EIC?

(Multiple Choice)

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Question 71

A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except:

(Multiple Choice)

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Question 72

The earned income credit (EIC)is only available for taxpayers with children.

(True/False)

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Question 73

Tuan and Marisa are married,file a joint return,and have two dependent children,Zack,age 6 and Aaron,age 5.Tuan has earned income of $72,000.Marisa was a full- time student (for nine months)with no income.They paid a qualified day care center $5,000.How much is Tuan and Marisa's child and dependent care credit for the year?

(Multiple Choice)

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Question 74

In which of the following situations would a taxpayer be better off to take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit?

(Multiple Choice)

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Question 75

Jesus and Mindy have modified AGI of $210,000,adopted a girl from Miami,Florida,and incurred a total of $18,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year? (Do not round interim calculations)

(Multiple Choice)

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Question 76

Taxpayers with household income between 100% and 400% of the Federal Poverty Level are generally eligible for a premium tax credit.

(True/False)

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Question 77

A taxpayer may become ineligible for earned income credit if he/she has excessive disqualified income such as dividends or interest.

(True/False)

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Question 78

The earned income credit (EIC)is a nonrefundable credit.

(True/False)

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Question 79

Which of the following statements is true with regard to child and dependent care expense credit?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 141

Presley and Jake are married filing joint taxpayers.They have twin sons,ages 7.If their AGI is $116,950,what amount of child tax credit can they claim?

The Affordable Care Act requires all individuals to have health care coverage.

Angelina is single and has modified AGI of $275,000.She adopted a boy from San Antonio,Texas,and incurred a total of $16,000 in qualified adoption expenses.What is the amount of adoption credit she can take?

Tina has $93,000 total taxable income,which includes $18,000 of taxable income from Japan.She paid $2,200 in foreign income taxes and her U.S.tax liability is $19,610.Tina's foreign tax credit is: (Do not round interim calculations)

Dane is a single father with two dependent children,Elle,age 7 and Eva,age 5.He has AGI of $61,000 and paid $6,100 to a qualified day care center for the two children.What amount of child and dependent care credit can Dane receive this year?

Max paid $2,500 in foreign income taxes to Peru.His total income was $65,000,which included $9,000 of foreign income.His U.S.tax liability is $17,750.How much can Max claim as foreign tax credit? (Do not round interim calculations. )

Brendan paid $950 to Brazil in foreign income taxes.His total income was $52,500,which included $12,000 of investment income from Brazil.His U.S.tax liability is $8,000.Brendan's foreign tax credit is:

Edward and Ethel are ages 71 and 59,respectively,and file a joint return.They have AGI of $11,000 and received $2,000 in nontaxable social security benefits.How much can Edward and Ethel take as a credit for the elderly or the disabled?

All taxpayers must file Form 1116 to receive the foreign tax credit.

The child tax credit of $1,000 per child is available for taxpayers with children under the age of 16.

Victoria is single with two qualifying children and AGI of $24,000.What is her EIC?

A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except:

The earned income credit (EIC)is only available for taxpayers with children.

In which of the following situations would a taxpayer be better off to take the foreign taxes paid as an itemized deduction rather than as a foreign tax credit?

Jesus and Mindy have modified AGI of $210,000,adopted a girl from Miami,Florida,and incurred a total of $18,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year? (Do not round interim calculations)

Taxpayers with household income between 100% and 400% of the Federal Poverty Level are generally eligible for a premium tax credit.

A taxpayer may become ineligible for earned income credit if he/she has excessive disqualified income such as dividends or interest.

The earned income credit (EIC)is a nonrefundable credit.

Which of the following statements is true with regard to child and dependent care expense credit?

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

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