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1. Scott's tax preparer knows the foreign tax credit may be claimed in which of following ways? Select one: a. Only on Schedule 3 (Form
1. Scott's tax preparer knows the foreign tax credit may be claimed in which of following ways? Select one: a. Only on Schedule 3 (Form 1040), line 1 b. Only on Schedule A (Form 1040), line 6 c. On Schedule 3 (Form 1040), line 1 or Schedule A (Form 1040), line 6 d. On both Schedule 3 (Form 1040), line 1 and Schedule A (Form 1040), line 6 This answer is incorrect. Taxpayers can not take both the credit and the deduction. 2. Harold is 30 years old and single. During the 2020 tax year, he contributed $2,500 toward his traditional IRA account. His AGI for the year is $27,000. He has no other nonrefundable credits for the tax year. If Harold otherwise qualifies for the Retirement Savings Contributions Credit, how much would his credit be? Select one: a. $1,000 This answer is incorrect. This amount uses the wrong filing status (and thus, applicable decimal amount) from Form 8880 to compute the credit. b. $ 200 c. $ 400 d. $
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