25 May Question 1. Which of the following statements regarding the adoption expenses credit is nottrue?
Question
1. Which of the following statements regarding the adoption expenses credit is nottrue?
a. The adoption expenses credit is a nonrefundable credit.
b. The adoption expenses credit starts to be phased out in 2014 beginning when a taxpayer’s modified AGI exceeds $197,880.
c. No adoption expenses credit is a available in 2014 if a taxpayer’s modified AGI exceeds $237,880.
d. The adoption expenses credit is limited to no more than $13,000 per eligible child in 2014.
e. All of the above statements are true.
2. George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Assuming their AGI is $119,650, George and Martha’s child tax credit is:
a. $0.
b. $1,000.
c. $1,500.
d. $2,000.
e. None of the above.
3. Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6- year old daughter while they work.
| ABC Day Care Center | $3,200 |
| Blue Ridge Housekeeping Services | 2,000 |
| Mrs. Mason (Harry’s mother) | 1,000 |
Harry and Wilma may claim a credit for child and dependent care expenses of:
a. $840.
b. $1,040.
c. $1,200.
d. $1,240.
e. None of the above.
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