Tax Credits

Question 1

Refundable Tax Credits

Answer 1

Family Tax Credits (Partially $500) no carryover
American Opportunity Tax Credit (Partially)
Earned Income Tax Credits

Question 2

Adoption Credit

Answer 2

Carryforward - 5 years
Birth to 17 years old
Nonrefundable

Question 3

Foreign Tax Credit

Answer 3

CB - 1 year
CF - 10 years
Nonrefundable Tax Credit
Not as Itemized deductible

Question 4

General Business Credit

Answer 4

CB - 1 year
CF - 20 years
Nonrefundable

Question 5

Family Tax Credit (formally Child Tax Credit)

Answer 5

Partially refundable
$500 credit
17 or older
Qualifying Dependent

Question 6

Child Tax Credit

Answer 6

$2,000/qualifying child
Birth to 16 years old
Subject to income phaseout

Question 7

Social Security Tax Excess w/h Credit

Answer 7

2 or more ER correct amount - Credit never Itemized Deduction
1 ER - erroneously - EE seek reimbursement directly from ER

Question 8

Child Care Tax Credit

Answer 8

20% - 35% of dependent care expenses up to
$3,000 for 1 qualifying child
$6,000 for 2 or more QC