Reg 2 Module 3

Question 1

If AGI is greater than 150,000 what is the safe harbor rule

Answer 1

Lesser of 90% of CY Tax Liability

110% of PY Tax liability

Question 2

For the Adoption Credit Which expenses qualify for the credit and which do not

Answer 2

Legal and Agency fees qualify

Medical Expenses do not Qualify

Question 3

Phase out for Contribution Credit

Answer 3

MFJ 63,000
HOH 47,250
S or MFS 31,500

Question 4

What is the max for the child tax credit

Answer 4

2,000

Question 5

when does the phase out begin for the child tax credit

Answer 5

200,000 single or MFS

400,000 for MFJ