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  71) Julia and Omar married and file a joint tax

Question :   71) Julia and Omar married and file a joint tax : 2125632

 

71) Julia and Omar are married and file a joint tax return. They have two dependent daughters, ages 14 and 18. If their AGI is $98,000, what amount of child tax credit can they claim?

A) $0.

B) $1,000.

C) $2,000.

D) $4,000.

72) Dean and Sue are married filing jointly with AGI of $28,000. They made a $1,500 contribution to a qualified retirement plan. How much is their retirement savings contributions credit?

A) $0.

B) $150.

C) $300.

D) $750.

73) Debbie files as head of household and has AGI of $36,500. During the year, she contributed $1,000 to a 401(k). What amount of retirement savings contributions credit can Debbie take?

A) $0.

B) $100.

C) $200.

D) $1,000.

74) Which of the account contributions qualify for the retirement savings contributions credit?

A) IRA.

B) 401(k).

C) SEP.

D) All of these qualify.

75) After years of working with the orphanage and the government, Walt and Kim adopted a little girl from China. The adoption process, which became final in January 2018, incurred the following qualified adoption expenses. What amount of adoption credit can Walt and Kim claim and in what year? Assume there is no credit limitation due to their AGI amount.

 

2017

$

12,500

2018

 

2,800

 

A) $15,300 in 2018.

B) $15,300 in 2017.

C) $12,500 in 2017 and $2,800 in 2018.

D) $13,810 in 2018.

 

Solution
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