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  116) Andrew and Marina married filing joint and have modified

Question :   116) Andrew and Marina married filing joint and have modified : 2125641

 

116) Andrew and Marina are married filing joint and have modified AGI of $77,500. Andrew made a contribution to a qualified retirement plan of $2,000 during the year. How much is their retirement savings contributions credit?

A) $0.

B) $1,000.

C) $1,250.

D) $2,500.

117) Max and Nora have modified AGI of $75,000, and adopted a little boy from San Antonio, Texas, in the current year and incurred a total of $13,000 in qualified adoption expenses. In addition, Max's employer provided the couple with adoption benefits of $4,000. What is the maximum amount of adoption credit they can take this year?

A) $4,000.

B) $9,000.

C) $13,000.

D) $13,810.

118) Rolando and Silvia have modified AGI of $230,000. They adopted a boy from Guatemala, whose adoption became final in the current year. They incurred a total of $15,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in the current year?

A) $1,190.

B) $5,918

C) $13,810.

D) $15,000.

119) Maria and Vincent, whose modified AGI is $169,000, adopted a little girl from Mexico which was finalized in 2018. They incurred a total of $16,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in 2018?

A) $0.

B) $13,810.

C) $16,000.

D) $16,900.

120) Which of the following statements regarding adoption credits is true?

A) The maximum credit allowed per adopted child is $16,000.

B) Qualified expenses may include reimbursements from employer programs.

C) Adoption of foreign children does not qualify for the credit.

D) The adoption credit may be limited if AGI amounts exceed certain levels.

 

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