5.3 Tax Credits

Question 1

Name 8 tax credits

Answer 1

Child and Dependent Care - 35%credit///1% per 2K of AGI over 15K///only to 20%
Elderly or Disabled – 15% of 5000K///LESS:Tax exempt SS, exclude pension or annuity, disability if not 65, 1/2 of the excess of 7.5K S 10K MFJ 5K MFS ///
Lifetime Learning - 20% 1st 10K exp p/yr///55 to 65///
Foreign Tax US inc tax x foreign source tax/worldwide
General Business - limited to net income tax LESS the greater of tentative minimum tax or 25% of net regular tax over 25K
Retirement Savings - AGI max 30.5K///max 50% of 2K///
Child Tax - 1K p/chld///AGI 75K reduce $50 p/1000K///
Adoption