What is the AGI limit above which each of the following taxpayers would not be eligible to receive a credit for the elderly or the disabled?A single taxpayer eligible for the credit who receives $1,500 of nontaxable social security benefits.not attemptedb. Taxpayers filing a joint return for which one taxpayer is eligible for the credit and the taxpayers have received no social security benefits.not attemptedc. Taxpayers filing a joint return, and both are eligible for the credit and received $3,500 of nontaxable social security benefits.

The Credit for the Elderly or the Disabled is a nonrefundable tax credit available to elderly or…

Answered: What is the AGI limit above which each…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 6BCRQ

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Which of the following is not a requirement to receive the premium tax credit for health care? Health care through the employer is not available Health insurance is purchased through the state or federal exchange Income must be no greater than 200 percent of the federal poverty line The taxpayer cannot be claimed as a dependent
Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.
1.
Which of the following statements is false regarding the earned income credit (EIC)? Multiple Choice If certain requirements are met, a taxpayer may receive advance payments of EIC. Maximum amount of the credit depends on the earned income and number of children. A taxpayer without children cannot claim the credit. The credit is refundable.
Which of the following should be included in an individual taxpayer's federal gross income? Child support payments received in accordance with a pre-2019 divorce decree. No changes have been made to the agreement. Disaster relief payments. Jury duty pay. Welfare benefits.
Which of the following, if any, correctly describes the earned income credit? a. Would be available regardless of the amount of the taxpayer's adjusted gross income. b. Is not available to a surviving spouse. c. Requires a taxpayer to have a qualifying child to take advantage of the credit. d. Is a refundable credit. 25. X, is an accrual method, calendar year, taxpayer in the business of sponsoring classical music concerts. X sponsored a concert performed on December 23, 2003. X generated $120,000 of revenue from this concert. In connection with this concert X had the following expenses: (i) X rented a concert venue for one night (the night of the 23rd) at Lincoln center for $30,000, which X paid on December 21, 2023, (ii) X hired performers (for the one night performance on Dec. 23) whom X paid $25,000 on January 4, 2024, and (iii) X hired a clean-up agency to restore the concert hall to its original condition. X hired and paid the clean-up agency $17,000 on December 29, 2023, and the…
Which of the following is true regarding Social Security benefits? a. Tax-exempt interest income must be included in the formula used to determine if Social Security is included in taxable income. b. Up to 100 percent of Social Security benefits received may be included in taxable income. c. The Social Security inclusion formula is the same amount for each filing status. d. Social Security benefits are always excluded because wages are subject to Social Security tax when earned.
Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)? Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA. Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA. Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA. Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
Which of the following statements is correct? Multiple Choice Taxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit. The premium tax credit is only available when the taxpayer files his or her tax return. The premium tax credit is available only for premium health insurance programs. Taxpayers who receive a credit are not required to file a federal tax return.
1. Taxpayers who are blind get the benefit of: a.An additional amount added to their standard deduction. b.Two standard deductions. c.An extra exemption. d.None of these choices are correct. 2. An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as: a.Single b.Head of household c.Married, filing separately d.Qualifying widow(er) e.None of these choices are correct. 3. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000
Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022? A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed. B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount. C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount. D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.

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A single taxpayer eligible for the credit who receives $1,500 of nontaxable social security benefits.	not attempted
b. Taxpayers filing a joint return for which one taxpayer is eligible for the credit and the taxpayers have received no social security benefits.	not attempted
c. Taxpayers filing a joint return, and both are eligible for the credit and received $3,500 of nontaxable social security benefits.