1- For the tax credit for child and dependent care expenses, explain the limitations concerning the number of qualified expenses used to calculate the credit.

3- Explain what qualifies as educational expenses for educational tax credits.

5- Briefly explain when and how each of the two education credits is phased out.

7- Paul and Olivia filed a joint tax return and reported a modified AGI of $142,000. They have two qualifying children, ages 7 and 9, for the child tax credit. What is the amount of their child tax credit? What is the amount of their credit if their modified AGI is $167,000? What is the amount of their credit if their modified AGI is $432,000?

8- What is the definition of a qualifying child for purposes of the Earned Income Credit?

9- Briefly explain the difference between a refundable and nonrefundable tax credit and give three examples of tax credits that may be refundable (or partly refundable) discussed in this chapter.

10- Briefly explain the purpose of the premium tax credit.