Reference no: EM132665480
Problem 1: Aria and Logan Johnson have two children, Sara, age 2, and Mia, age 4. Logan is an engineer and Aria is a homemaker. The Johnsons paid $8,800 for Sara and Mia to attend daycare during the year. Logan received dependent care benefits from his employer of $2,000. Their AGI is $65,000, and their tax liability is $4,487. How much of the childcare expenses can be used to claim the child and dependent care credit?
Select one:
a. $4,000
b. $6,000
c. $ 0
d. $6,800
Problem 2: Alicia's 18-year-old son is a freshman at a local college. She paid the required tuition and fees for her son and received a Form 1098-T. She is wondering whether she is eligible to claim an education credit on her 2019 tax return. Which of the following statements is correct?
Select one:
a. The phase-out amount based on the taxpayer's AGI for the Lifetime Learning Credit is greater than for the American Opportunity Credit.
b. If the student has been convicted of a felony for possessing or distributing a controlled substance as of the end of 2019, he is not eligible for the American Opportunity Credit.
c. Both the American Opportunity Credit and the Lifetime Learning Credit are nonrefundable tax credits.
d. The Lifetime Learning Credit offers a higher maximum credit amount than the American Opportunity Credit.
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