Reference no: EM132665468
Problem 1: Fred prepared his tax return last year. This year, Fred decided to have his tax return prepared by a professional. During the interview process, Fred's tax preparer realized Fred needs to repay the education credit he took for his son last year. For which of the following reasons would a taxpayer be required to repay an education credit?
Select one:
a. The taxpayer received tax-free educational assistance for an expense used to calculate a higher education credit on their return.
b. The taxpayer received a refund of transportation expenses.
c. The taxpayer received a refund of personal living expenses.
d. The taxpayer received a gift from a relative to help pay lodging expenses.
Problem 2: Amy and Hobbes are married and file a joint return. Their three children are 7, 9, and 18 years old. Their modified AGI is $58,000, and their tax liability on Form 1040, line 12a is $3,647. They have no other tax credits for the tax year. What is the amount of their child tax credit/credit for other dependents on Form 1040, line 13a?
Select one:
a. $4,000
b. $3,647
c. $6,000
d. $4,500
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