ch9 - ch9 Student 1 Credit for child and dependent care...

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ch9 Student: ___________________________________________________________________________ 1. Credit for child and dependent care expenses can only be claimed on a Form 1040. True False 2. A qualifying individual for purposes of the credit for child and dependent care expenses includes a dependent or a spouse of the taxpayer who is incapable of caring for himself or herself. True False 3. The maximum amount per year of dependent care expenses that can be used for calculating the credit for child and dependent care expenses is $6,000 for two or more qualifying individuals. True False 4. The maximum allowable credit for the elderly or the disabled is equal to 30% of the taxpayer's base amount. True False 5. There are two types of education credits available, Hope and lifetime learning. True False 6. The maximum allowable Hope credit for 2009 is $2,500 per student. True False 7. A student can only receive the lifetime learning credit if he/she is enrolled in a degree program. True False 8. The Hope credit phases out beginning at $80,000 of modified AGI for single taxpayers. True False 9. A taxpayer can receive both Hope and lifetime learning credits in the same tax year. True False 10. Qualifying expenses for the Hope and lifetime learning credits include room and board. True False 11. The Hope and lifetime learning credits are not available to taxpayers who are married filing separately. True False
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12. If the modified AGI of a married filing joint taxpayer exceeds $120,000 in 2009, the lifetime learning credit phases out completely. True False 13. The maximum lifetime learning credit per taxpayer is $3,000 per year. True False 14. A taxpayer must file Form 1116 to receive the foreign tax credit. True False 15. The main goal of Congress in offering tax credits is to collect additional revenues. True False 16. The amount of foreign tax credit is equal to the amount paid but cannot exceed that portion of U.S. income tax attributable to the foreign income. True False 17. The maximum child tax credit is $1,000 per child. True False 18. A qualifying child for the child tax credit must be a dependent and under the age of 14. True False 19. The retirement savings contributions credit is available for married filing joint taxpayers only. True False 20. The retirement savings contributions credit is available regardless of the income level of the taxpayer. True False 21. The adoption credit is only available for domestic adoptions. True False 22. There is no maximum amount for the adoption credit. True False 23. The earned income credit (EIC) is a nonrefundable credit. True False 24. The earned income credit is available for taxpayers with children only. True False
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25. The maximum amount of earned income credit for a joint taxpayer with one child in 2009 is $3,043. True False 26. Both the making work pay and the government retiree credits are refundable credits. True False 27. There is no maximum amount for the first time home buyers credit in 2009.
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