Questions from General Taxation

Q: Using the information in the previous question, assume that the Collins’

Using the information in the previous question, assume that the Collins’ Form 1095-A also indicated that the total advance payment of the premium tax credit was $9,200. Calculate the excess advance pr...

Q: What is the reason there are education tax credits in the tax

What is the reason there are education tax credits in the tax law?

Q: Please explain the difference between the types of education covered by the

Please explain the difference between the types of education covered by the American Opportunity tax credit and the lifetime learning credit.

Q: How does the earned income credit produce a “negative” income

How does the earned income credit produce a “negative” income tax?

Q: Janie graduates from high school in 2016 and enrolls in college in

Janie graduates from high school in 2016 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie’s parents have AGI of $170,000, what is the American Opp...

Q: Jasper is single and is a computer software consultant with a college

Jasper is single and is a computer software consultant with a college degree. He feels that one of the reasons for his success is that he continually updates his knowledge by taking classes at the loc...

Q: Martha and Lew are married taxpayers with $400 of foreign tax

Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $400 as a foreign tax...

Q: Carl and Jenny adopt a Russian orphan. The adoption takes 2

Carl and Jenny adopt a Russian orphan. The adoption takes 2 years and two trips to Russia and is finalized in 2016. They pay $6,000 in 2015 and $7,500 in 2016 of qualified adoption expenses. In 2016,...

Q: Mike bought a solar electric pump to heat his pool at a

Mike bought a solar electric pump to heat his pool at a cost of $2,500 in 2016. What is Mike’s credit?

Q: In 2016, Jeff spends $6,000 on solar panels

In 2016, Jeff spends $6,000 on solar panels to heat water for his main home. What is Jeff’s credit for his 2016 purchases?