Vita 2022 Advanced Test Study Guide Graded A+

31. Thomas's adjusted gross income on his Form 1040 is {Ans: $41,104 $41,000 + $130 - $26}4. What is the maximum amount Adam and Lisa are eligible to claim for the child tax credit? {Ans: $2,000}10. Linda is not eligible to claim Nancy for the earned income credit because her filing status is Married Filing Separate. {Ans: False}21. Which of the following credits are the Lincolns eligible to claim on their tax return? {Ans: a. Child tax credit b. Credit for other dependents c. American opportunity credit d. Only b and c <<< CORRECT}28. Joanne will have to pay $________ additional tax because she received the early distribution from her IRA. {Ans: $250 $2,500 * 10% penalty}15. What is the taxable portion of Emily's pension from Maple Enterprises using the simplified method? {Ans: $18,789 Combined ages = 121 310 life annuity payments (joint and survivor annuity table) $14,500 / 310 = 46.77 * 12 = $561.29 $19,350 - $561 = $18,789}5. The Garcias qualify for the child and dependent care credit. {Ans: False}ADVANCED COURSE SCENARIOS AND TEST QUESTIONS 1. What is the most beneficial of the following filing statuses that Chris is eligible