Question
Which statement is TRUE regarding claiming the Residential Energy Efficient Property Credit for 2020? Taxpayers may claim a 10% credit for the costs of qualified
Which statement is TRUE regarding claiming the Residential Energy Efficient Property Credit for 2020?
Taxpayers may claim a 10% credit for the costs of qualified solar electric property.
The unused portion of the credit cannot be carried forward to the next tax year.
Labor costs are not included for the credit.
Taxpayers may claim a 26% credit for the costs of qualified solar electric property.
Jude and Yukio have two dependent children, ages 4 and 5. Jude earned $44,750 in 2020. They had no other income. Yukio did not work, but was a full-time student all year. They paid a total of $4,800 in qualifying childcare expenses. What is the correct amount of their Child and Dependent Care Credit?
$0
$450
$960
$4,800
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