COMPREHENSIVE TEST NO. 12

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| By Lojones

Lojones

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Quizzes Created: 5 | Total Attempts: 73

Questions: 12 | Attempts: 12 | Updated: Apr 14, 2023

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Publication 17; Chapters 32, 33, 34 & 35

Questions and Answers

1.

True or False: To be able to claim the credit for child and dependent care expenses, you must have paid someone to care for your qualifying person(s) while you (and your spouse if filing a joint return) work or look for work.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Page 211

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2.

CHECK ALL THAT APPLY: For purposes of the child and dependent care credit, what is a qualifying person?
- A.
  
  A child who was your dependent and was under age 13 at the end of the year.
- B.
  
  Your spouse who was mentally and physically unable to care for himself or herself and lived with you for more than half the year.
- C.
  
  A person who was not physically or mentally able to care for himself or herself, lived with you for more than half the year and either was your dependent, or would have been your dependent except that s/he received gross income of $3950 or more, s/he filed a joint return or you, or your spouse if filing a joint return, could be claimed as a dependent on someone else's return.
- D.
  
  ALL OF THE ABOVE.
Correct Answer(s)
B. Your spouse who was mentally and physically unable to care for himself or herself and lived with you for more than half the year.
C. A person who was not physically or mentally able to care for himself or herself, lived with you for more than half the year and either was your dependent, or would have been your dependent except that s/he received gross income of $3950 or more, s/he filed a joint return or you, or your spouse if filing a joint return, could be claimed as a dependent on someone else's return.

Explanation
Publication 17; Page 211 & 213 (Person qualifying for part of year)

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3.

True or False: To claim the child and dependent care credit you must complete Form 2441 and attach it to your Form 1040 or Form 1040-A. Enter the credit on line 49 of Form 1040 or line 31 of Form 1040-A.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Page 217

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4.

True or False: The amount of the child and dependent credit you can claim is generally limited to the amount of your tax and can be as much as 35% of your expenses.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Pages 211 & 217

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5.

True or False: To take the credit for the elderly or the disabled you must be a qualified individual and your income cannot be more than certain limits.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Page 218

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6.

SITUATION: John is single, and a U.S. citizen. He retired on permanent and total disability at age 49. He received taxable disability benefits in 2014 and had not reached mandatory retirement age. Is John a qualified individual for the Credit for the Elderly or the Disabled?
- A.
  
  YES
- B.
  
  NO
Correct Answer
A. YES

Explanation
Publication 17; Page 218 & Figure 33-A on page 219

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7.

SITUATION: Tom and Jane are married and will file a joint return. They lived together all year long. Both Tom and Jane are U.S. citizens. Jane turned 65 in 2014. Tom is 58 and retired on permanent and total disability. He received taxable disability payments during 2014 and has not reached mandatory retirement age. Which of them, if any, would be a qualified individual for the Credit for the Elderly or the Disabled?
- A.
  
  Jane
- B.
  
  Tom
- C.
  
  Both Tom and Jane
- D.
  
  Neither of them
Correct Answer
C. Both Tom and Jane

Explanation
Publication 17; Page 218 & Figure 33-A on page 219

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8.

True or False: To claim the credit for the elderly or the disabled figure the amount of the credit using Schedule R. If you file Form 1040 enter the credit amount from Schedule R on line 54 of Form 1040, check box c and enter "Sch R" on the line next to that box.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Page 220

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9.

True or False: The child tax credit is a credit that may reduce your tax by as much as $1000 for each of your qualifying children.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17' Page 221

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10.

True or False: The additional child tax credit is a credit you may be able to take if you are not able to claim the full amount of the child tax credit.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Publication 17; Page 221

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11.

Billy has a son enrolled in his first year of college. Billy's son, Bobby, is a qualifying child on his 2014 tax return. Billy paid $4000 for tuition and fees, $395 for course related books, $600 for a new laptop for Bobby to use for homework, and $118 for pens, pencils, notebooks and other necessary school supplies. Assuming all qualifications will be met and no limitations will be exceeded, what is the amount of qualified education expenses paid for Bobby if Billy would claim an American opportunity credit on his return for tax year 2014?
- A.
  
  $4000
- B.
  
  $4395
- C.
  
  $4995
- D.
  
  $5113
Correct Answer
D. $5113

Explanation
Publication 17; Page 223 (Table 35-1)

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12.

True or False: The lifetime learning credit can be as much as $2000 per eligible student.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Publication 17; Page 223 (Table 35-1)

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Current Version
Apr 14, 2023

Quiz Edited by
ProProfs Editorial Team
Oct 27, 2015

Quiz Created by
Lojones

Comprehensive Test No. 12

True or False: To be able to claim the credit for child and dependent care expenses, you must have paid someone to care for your qualifying person(s) while you (and your spouse if filing a joint return) work or look for work.

CHECK ALL THAT APPLY: For purposes of the child and dependent care credit, what is a qualifying person?

True or False: To claim the child and dependent care credit you must complete Form 2441 and attach it to your Form 1040 or Form 1040-A. Enter the credit on line 49 of Form 1040 or line 31 of Form 1040-A.

True or False: The amount of the child and dependent credit you can claim is generally limited to the amount of your tax and can be as much as 35% of your expenses.

True or False: To take the credit for the elderly or the disabled you must be a qualified individual and your income cannot be more than certain limits.

SITUATION: John is single, and a U.S. citizen. He retired on permanent and total disability at age 49. He received taxable disability benefits in 2014 and had not reached mandatory retirement age. Is John a qualified individual for the Credit for the Elderly or the Disabled?

True or False: To claim the credit for the elderly or the disabled figure the amount of the credit using Schedule R. If you file Form 1040 enter the credit amount from Schedule R on line 54 of Form 1040, check box c and enter "Sch R" on the line next to that box.

True or False: The child tax credit is a credit that may reduce your tax by as much as $1000 for each of your qualifying children.

True or False: The additional child tax credit is a credit you may be able to take if you are not able to claim the full amount of the child tax credit.

True or False: The lifetime learning credit can be as much as $2000 per eligible student.