12. How long are capital losses in excess of capital gains carried back? a. Carried back 5 years then forward 3 years b. Carried back 3 years and forward 5 years c Carried back 6 years and not carried forward d. Not carried back nor forward 13. For 2018, what is the look back period for an employer that files Form 941? a. The 12-month period ending June 30 of the prior year. b. The previous quarter c The previous two (2) quarters d. None of the above 14. Tiger and Paw TSU have two (2) children ages 4 and 7. During the year, Tiger worked full-time. Paw did not work but she attended college full-time 10 months out of the year. They paid $6,600 in qualified child care expenses. How much is their maximum qualified expenses for purposes of computing the child and dependent care credit? a. $6,600 b. $6,000 c $5,000 d. None of the above 15. UH and UH-D filed separate returns during 2018. Each paid $ 10,000 for qualified higher education expenses. How much can they claim for their American Opportunity Credit? a. $o b. $2,000 c $2,500 d. It depends on whether either has a misdemeanor drug conviction 16. Rice and TWU got divorced in 2014. Rice is to pay TWU $1,600 each month. The agreement states that $700 represents support for their 8 year old son, June Bug. During 2018, Rice pays TWU only $16,000. How much must TWU include in income? a. $19,200 b. $16,000 c $8,400 d. $7,600 17. Last year, TSU purchased a life annuity for $ 72,000. The annuity pays equal annual installments of $ 8,000 beginning January 1 of the current year. TSU's life expectancy is 12 years. What is the taxable portion of each payment? a. $2000 b. $3000 C. $4000 d. I need more information