Question 36 of 70.

Tam claims her dependent son, Ryder. Ryder is a full-time student who pays all his own qualified education expenses. Who is eligible to claim the tuition and fees deduction for these education expenses?

No one can claim the deduction.

Tam and Ryder may split the deduction.

Tam.

Ryder.

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Question 37 of 70.

There are many rules to comply with when claiming a qualifying child. Which of the following is NOT one of them?

The dependent is not filing a joint return with a spouse unless that joint return is only a claim for refund and there would be no tax liability for either spouse on separate returns.

The dependent must be a U.S. Citizen, U.S. resident alien, U.S. national, or a resident of Canada or Mexico.

The dependent must live with the taxpayer all year and have no income.

The taxpayer cannot claim any dependents if they could be claimed as a dependent by another taxpayer.

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Question 38 of 70.

Education assistance from an employer:

Qualifies for the American Opportunity Tax Credit, but not the lifetime learning credit.

Can only be used for the lifetime learning credit.

Can be used for any education credit.

Is tax-free and cannot be used for any credit or deduction.

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Question 39 of 70.

All of the following are types of retirement plans self-employed taxpayers may establish for themselves and their employees EXCEPT:

Qualified defined contribution plans, such as 401(k) plans.

Simplified employee pensions (SEPs).

SIMPLE IRAs.

Spousal IRAs.

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Question 40 of 70.

Which of the following is a FALSE statement about the retirement savings contributions credit (Saver's Credit)?

The Saver's Credit is not available for anyone who was a full-time student for any part of five (or more) calendar months in 2020.

For the 2020 Saver's Credit, the taxpayer must be born after January 1, 2003.

Contributions to traditional and Roth IRAs and employer-sponsored qualified retirement plans may qualify the taxpayer for the credit.

Contributions to an ABLE account, made by the taxpayer and has the taxpayer as the designated beneficiary, may qualify the taxpayer for the credit.

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