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

Enrique and Anna filed a joint tax return and reported modified AGI of $112,000.They have one qualifying child.What is the amount of their child tax credit?

Cooper is a single dad with 1 child and his TOTAL tax liability for the current tax year is $2,100.His EIC amount is $3,094 and he had no withholdings during the year.What amount of tax refund or tax owed would be on Cooper's tax return?

Lupe paid the following expenses during December 2017 for her son David's spring 2018 college expenses.The semester begins in February 2018. Tuition \ 16,000 Housing 6,000 Meal plan 2,500 In addition,David's grandfather paid $500 in fees on behalf of David directly to the college.David is claimed as a dependent on Lupe's tax return.How much of the above expenses qualify for purposes of Lupe's education credit deduction in 2017?

Brooke is single with earned income of $20,354 and one qualifying child.Calculate Brooke's earned income credit using the EIC formula.(Round your answer to the nearest dollar)

The maximum American opportunity tax credit is $2,500 per student per year.

Assume a taxpayer is qualified to receive a premium tax credit.Explain how to calculate the amount of the credit.

Andrew and Marina are married filing joint and have modified AGI of $77,500.Andrew made a contribution to a qualified retirement plan of $2,000 during the year.How much is their retirement savings contributions credit?

Taxpayers can claim a child tax credit for each qualifying child.How is a qualifying child defined?

Matt is a single father.He paid $5,000 in qualifying expenses for his son,Kyle,to attend the University of Minnesota.Kyle is a sophomore.Matt's AGI is $47,000.What is his allowable American opportunity tax credit?

The maximum child tax credit is $1,000 per child.

Debbie files as head of household and has AGI of $36,500.During the year,she contributed $1,000 to a 401(k).What amount of retirement savings contributions credit can Debbie take?

Kyle and Alyssa paid $1,000 and $2,800 in qualifying expenses for their two daughters Jane and Jill,respectively,to attend the University of California.Jane is a sophomore and Jill is a freshman.Kyle and Alyssa's AGI is $135,000 and they file a joint return.What is their allowable American opportunity tax credit after the credit phase-out based on AGI is taken into account?

Rolando and Silvia have modified AGI of $230,000.They adopted a boy from Guatemala,whose adoption became final in the current year.They incurred a total of $15,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year?

Sam paid the following expenses during October 2017 for his son Aaron's spring 2018 college expenses: Spring 2018 semester begins in January 2018: Tuition \ 18,000 Housing 8,000 Meal plarn 3,500 In addition,Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college.Aaron is claimed as Sam's dependent on his tax return.How much of the paid expenses qualify for purposes of the education credit deduction for Sam in 2017?

Donna and Walt paid $3,000 in qualified expenses for their son,Jimmy,to attend the South Coast Business College.Jimmy is a business major in his first year.Three years ago,Jimmy was arrested and convicted of felony drug possession.He has not been in any trouble since then.What education credits are available for Donna and Walt and how much can they claim?

The maximum lifetime learning credit per taxpayer is $3,000 per year.

Kevin paid $2,550 in qualifying expenses for his daughter,Jasmine,who attended a community college.What is Kevin's lifetime learning credit without regard to AGI limitations or other credits?

The earned income credit is adjusted each year for inflation.

Qualifying expenses for the American opportunity tax and lifetime learning credits include room and board.

The adoption credit is only available for domestic adoptions.