Question

Find the best answer.

John makes $200,000 and pays $2000 in tuition. What is his American Opportunity Credit?

Which contributions qualify for the Retirement Contributions Credit?

Jose made $30,000. He paid $5000 tuition. What is his Lifetime Learning Credit?

Who can get an earned income credit?

A. people with children only

B. IRA only

C. zero

D. $2000

E. people with children and people without children

F. IRA,SEP, 401(k)

G. $1000

Answer 1

Answers : -

1. For the American opportunity credit the AGI(adjusted gross income) of the individual should be $80,000-$90,000. The AGI of john is $200,000. He does not qualifies for the American opportunity credit.

2. 401(k), simple IRA, governmental 457(b) qualify for the retirement contributions credit

3. Jose can claim the Lifetime Learning Credit only for the expenses incurred which is $5,000.

4. A. Yes they can get a earned income credit

B. Yes they can get a earned income credit

C. No, they cannot get earned income credit

D. Yes they can get

E. Yes they can get

F. Yes they can get

G. Yes they can get