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  36) The maximum allowable lifetime learning credit per year $2,000

Question :   36) The maximum allowable lifetime learning credit per year $2,000 : 2125667

 

36) The maximum allowable lifetime learning credit per year is $2,000 per student.

37) The American opportunity tax and lifetime learning credits are available to taxpayers without any limitations due to AGI amounts.

38) The foreign tax credit is available only to individuals born in a foreign country.

39) The child tax credit of $2,000 per child is available for taxpayers with children under the age of 16.

40) The child tax credit is reduced if AGI exceeds $400,000 for married filing joint taxpayers.

 

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