Questions from General Taxation

Q: Paul and Olivia filed a joint tax return and reported modified AGI

Paul and Olivia filed a joint tax return and reported modified AGI of $92,000. They have two qualifying children for the purposes of the child tax credit. What is the amount of their child tax credi...

Q: Explain the limitations pertaining to the retirement savings contributions credit.

Explain the limitations pertaining to the retirement savings contributions credit.

Q: What limitations are associated with the adoption credit, both in terms

What limitations are associated with the adoption credit, both in terms of dollar amounts and eligibility?

Q: In the case of the adoption credit, what special rules apply

In the case of the adoption credit, what special rules apply when adopting a child who is a child with special needs?

Q: In the case of the adoption credit, what special rules apply

In the case of the adoption credit, what special rules apply when adopting a child who is a citizen of another country?

Q: What is the definition of qualifying child for purposes of the Earned

What is the definition of qualifying child for purposes of the Earned Income Credit?

Q: Briefly explain the requirements that must be met to receive a tax

Briefly explain the requirements that must be met to receive a tax credit for child and dependent care expenses.

Q: Briefly explain the difference between a refundable and a nonrefundable tax credit

Briefly explain the difference between a refundable and a nonrefundable tax credit and give three examples of tax credits that may be refundable (or partly refundable) discussed in this chapter.

Q: Briefly explain the purpose of the premium tax credit.

Briefly explain the purpose of the premium tax credit.

Q: A taxpayer maintains a household and is entitled to a dependency exemption

A taxpayer maintains a household and is entitled to a dependency exemption for an incapacitated adult child. The child lives during the week at an adult day care center and on the weekends at home wi...