The maximum Child Tax Credit is $2,000 per qualifying child. What two situations may limit taxpayers from receiving the full amount?

Modified AGI above the phaseout thresholds and three or more children.

Tax liability and modified AGI above the phaseout thresholds.

Earned income above the phaseout thresholds and taxpayer filing status.

Tax liability and earned income above the phaseout thresholds.

Mark for follow up

Question 20 of 30.

Under what circumstances can a taxpayer claim an adoption credit for expenses from a failed adoption?

A taxpayer can never claim a credit for expenses from a failed adoption.

A taxpayer may claim a credit for expenses from a failed adoption only in the case of a foreign adoption.

A taxpayer may claim a credit for expenses from a failed adoption only in the case of a domestic adoption.

A taxpayer may always claim a credit for expenses from a failed adoption.

Mark for follow up

Question 21 of 30.

Sheila (Single) bought her first home in June 2008 for $165,000. She received $7,500 (the maximum available for the First-Time Homebuyer Credit). She has not sold the home and is not eligible for any special treatment due to military service. Her first repayment was in 2010. Assuming she has not made extra payments, how much has she repaid prior to filing her 2019 return?

$4,000

$4,500

$5,000

$7,500

Mark for follow up

Question 22 of 30.

Which of the following is an INCORRECT statement about the Child and Dependent Care Credit?

For a married couple to claim the credit, each must work, be looking for work, or be enrolled as full-time students, or the spouse must be physically or mentally incapable of self-care.

Taxpayers may claim the credit for the care of certain disabled adult children who live in the house.

Taxpayers may claim the credit for care of a disabled spouse.

The credit phases out when a taxpayer's AGI crosses a certain threshold.

Mark for follow up

Question 23 of 30.

Denise has two children who are qualifying persons for the Child and Dependent Care Credit, Ethan and Jeffrey. Ethan has $4,000 in dependent care expenses, and Jeffrey has none. Assuming all other tests are met, how much expense can Denise use to calculate her credit?

$2,000

$3,000

$4,000

$6,000

Mark for follow up

Question 24 of 30.

Molly (25) files single and has modified AGI of $19,500 in 2019. She contributed $1,000 to her 401(k). Before applying the tax liability limitation, her Saver's Credit is _____.

$0

$100

$200

$500

Mark for follow up

Question 25 of 30.

Shonda and Andre adopted a child with special needs in a domestic adoption. They had $10,000 in adoption expenses in 2019, and the adoption was finalized on December 15, 2019. How much can they claim in 2019?

$10,000

$13,190

$13,810

$14,080

Mark for follow up

Question 26 of 30.

Regina is single and has two qualifying children for the Child and Dependent Care Credit. She was enrolled as a full-time student for the entire year. She did not have any earned income. How much is she deemed to have earned each month?

$0

$250

$400

$500

Mark for follow up

Question 27 of 30.

Which of the following taxpayers may qualify for a Premium Tax Credit?

Jennifer, who is enrolled in a qualified insurance plan purchased through the Marketplace.

Damien, who purchased a qualified insurance plan through his employer.

Kari, who is eligible for Medicaid.

Keith, who is eligible for Medicare.

Mark for follow up

Question 28 of 30.

Phillip's adoption credit exceeds his tax liability for this year. The excess credit is ______________________.

Refundable in the current year.

Nonrefundable and cannot be carried to another tax year.

Nonrefundable, but can be carried back two years.

Nonrefundable, but can be carried forward five years.

Mark for follow up

Question 29 of 30.

Alice and Mark had $3,000 in domestic adoption expenses in 2017, $2,000 in adoption expenses in 2018, and $5,000 in adoption expenses in 2019. The adoption was finalized on April 30, 2019. Which statement is TRUE about their adoption credit if they wish to claim the expenses as early as possible?

Alice and Mark can claim $3,000 in 2017, $2,000 in 2018, and $5,000 in 2019.

Alice and Mark can claim $3,000 in 2018 and $7,000 in 2019.

Alice and Mark can claim $5,000 in 2018 and $5,000 in 2019.

Alice and Mark can claim $10,000 in 2019.