Hr Block Final Test Review (Itc 2022) 100% Correct

What is a qualified student loan? {Ans: A loan used to pay qualified education expenses. Credit card debt may be included, provided the card was used exclusively to pay for qualified expenses. Money borrowed from a related person is not a qualified student loan.}What is the maximum amount of the lifetime learning credit? $1,100 per return. $1,650 per return. $2,000 per return. $2,500 per return. {Ans: $2,000 per return.}What does Form 1099-B report? What about Form 1099-S? {Ans: Form 1099-B is used by brokers to report the proceeds from the sale of shares of stock, mutual funds, bonds, commodities, futures contracts, foreign currency contracts, and other securities. Form 1099-S is used by the person responsible for the closing of a real estate transaction to report the sales proceeds.}What three requirements must be met for an individual to be claimed as either a qualifying child or a qualifying relative? {Ans: To be either a qualifying child or qualifying relative, they must be a U.S. citizen, U.S. resident alien, U.S. national, or a resident of Canada, or Mexico; they cannot file a joint return (unless solely to claim a refund of taxes paid); and the taxpayer claiming the