R2 - Continued Flashcards
1
Q
What do tax credits reduce
A
personal tax liability
1
Q
Child and dependent credit amounts:
A
One Kid: $3000
Two + Kids: $6000
2
Q
What is the child and dependent credit for:
A
- Babysitters
- Nursery School
- Daycare
3
Q
How much is the American Opportunity Tax Credit:
A
Max $2500
4
Q
When is AOTC Phased Out for MFJ
A
$180,000
5
Q
Lifetime Learning Credit Amount
A
$2000
6
Q
Adopted Credit Amount
A
$15,950
7
Q
When is the adoption credit completely phased out
A
$279,230
8
Q
Retirement Savings Contribution Credit:
A
$2000 per taxpayer
9
Q
How much is the Foreign Tax Credit
A
The lesser of foreign taxes paid or $30,000
10
Q
How much is the child tax credit:
A
$2000 per child
11
Q
The Earned Income Credit is:
A
A Refundable Credit
12
Q
How much self employment taxes can be deducted
A
50%
