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  51) Tai and Song ages 69 and 59, respectively, and

Question :   51) Tai and Song ages 69 and 59, respectively, and : 2125628

 

51) Tai and Song are ages 69 and 59, respectively, and file a joint return. They have AGI of $20,000 and received $2,000 in nontaxable social security benefits. How much can Tai and Song take as a credit for the elderly or the disabled?

A) $0.

B) $1,125.

C) $2,000.

D) $7,500.

52) Which of the following statements is not true regarding the credit for the elderly or the disabled?

A) Taxpayer may not have earned income.

B) Taxpayer may receive social security benefits.

C) Taxpayer must be age 65 or older.

D) Taxpayer must be retired or on permanent and total disability.

53) Which of the following statements is not true regarding the credit for the elderly or the disabled?

A) Base amount for the credit calculation for a single individual is $5,000.

B) Base amount for the credit calculation for joint returns is $5,000.

C) The maximum allowable credit is based on 15% of the taxpayer's base amount.

D) Base amount for the credit calculation for a joint individual where only one spouse qualifies is $5,000.

54) Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits?

A) $250.

B) $350.

C) $825.

D) $1,750.

55) Kyle and Alyssa paid $1,000 and $2,800 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $135,000 and they file a joint return. What is their allowable American opportunity tax credit after the credit phase-out based on AGI is taken into account?

A) $0.

B) $2,000.

C) $3,500.

D) $3,800.

 

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