Question
1. In 2021, Alison purchased an electric vehicle for $50,000. Her Adjusted Gross Income is $100,000. The electric vehicle qualified for the maximum allowed amount
1. In 2021, Alison purchased an electric vehicle for $50,000. Her Adjusted Gross Income is $100,000. The electric vehicle qualified for the maximum allowed amount of Plug-In Electric Vehicle Credit. How much of a Plug-In Electric Vehicle Credit can Alison claim on her 2021 Federal Income Tax Return?
Group of answer choices
a. $0
b. $2,000
c. $7,500
d. $10,000
2. In 2021, Ron and Nancys filing status was Married Filing Joint, and their Adjusted Gross Income was $120,000. They had 2 dependent children that were 10 years old and 12 years old. How much of a Recovery Rebate Credit are Ron and Nancy eligible for in 2021?
Group of answer choices
a. $0
b. $2,800
c. $1,200
d. $5,600
3. Jack invested in stocks based in countries outside of the United States. As a result of those investments, in 2021, Jack paid $1,000 of income tax to foreign countries. How much of a credit can Jack claim for Foreign Taxes Paid, on his Federal Income Tax Return?
Group of answer choices
a. $1,000
b. $500
c. $250
d. $0
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