Which of the following statement is true? The year is 2020

• A. To qualify for the earned income credit, the taxpayer must have a qualified dependent.
• B. The child tax credit is subject to phase-out based on the taxpayers AGI.
• C. The American opportunity credit is available only for those students who are in their first or second year of post-secondary education.
• D. Tax credits reduces a taxpayers taxable income dollar for dollar.

Which of the following items is a deduction from adjusted gross income if the year is 2020?

• A. Traditional IRA contribution
• B. Child-support payments
• C. Unreimbursed qualified medical expenses
• D. Federal gift tax
• E. Alimony payments

Which of the following statements regarding the child tax credit is true if the year is 2020?

• A. The full credit for a child who qualifies is $1,000.
• B. The child for whom the credit is claimed must meet the same definition of qualifying child for dependency status.
• C. The child for whom the credit is claimed must be under the age of 15 at the end of the year.
• D. The credit is subject to phase-out based on the taxpayers AGI.