Questions from General Taxation

Q: After two and one-half years of working with the orphanage

After two and one-half years of working with the orphanage and the government, Jake and Nikki adopted a two-year-old girl from Korea. The adoption process, which became final in January 2017, incurre...

Q: Abel and Loni adopted a boy (a U.S.

Abel and Loni adopted a boy (a U.S. citizen), during the current tax year and incurred a total of $14,675 in qualified adoption expenses. Abel and Loni have modified AGI of $225,000. What is the amo...

Q: Juan and Lydia both work, file a joint return, and

Juan and Lydia both work, file a joint return, and have one qualifying child. They have AGI of $19,000. What is their EIC? a. $510. b. $3,400. c. $5,616. d. $10,000.

Q: Allie and Buddy are married, file a joint return, and

Allie and Buddy are married, file a joint return, and have one son, Zack, age 5. Buddy has earned income of $42,000 and Allie was a full-time student for 8 months (with no income). They paid a quali...

Q: Thomas and Stephani are married with four qualifying children. Their AGI

Thomas and Stephani are married with four qualifying children. Their AGI is $26,500. Calculate their EIC using the EIC formula. a. $6,318. b. $5,777. c. $5,616. d. $4,600.

Q: Which of the following credits is never a refundable credit?

Which of the following credits is never a refundable credit? a. Earned Income Credit b. Foreign Tax Credit c. Child tax credit d. American opportunity tax credit

Q: Which of the following statements is incorrect? a.

Which of the following statements is incorrect? a. Taxpayers who purchased qualified health insurance through the Marketplace may be eligible for a premium tax credit. b. Taxpayers must apply the cre...

Q: Dwayne is single with one dependent. He enrolled in a qualified

Dwayne is single with one dependent. He enrolled in a qualified plan through the Marketplace at a cost of $4,200 per year. His household income was $40,000. The SLCSP premium is $4,700. What is Dw...

Q: Avril and John are ages 70 and 72, respectively, and

Avril and John are ages 70 and 72, respectively, and file a joint return. They have an AGI of $18,000 and received $1,000 in nontaxable Social Security benefits. How much can Avril and John take as...

Q: Dennis and Vera are ages 69 and 59, respectively, and

Dennis and Vera are ages 69 and 59, respectively, and file a joint return. They have an AGI of $28,000 and received $2,000 in nontaxable Social Security benefits. How much can Dennis and Vera take a...