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Tax /
/Credits /
/Exam //Questions //With //Correct //Answers
Investment /
/Credit //- /
/correct /
/answer(s) /
/ โโ //Business //credit //based //on //amount //invested //in //qualified //business //properties
Work /
/opportunity /
/credit //- /
/correct /
/answer(s) /
/business /
/credit /
/for /
/hiring /
/employees //from //selected //high //unemployment //groups //=40% //of //first //$6,000 //of //first-
year /
/wages /
/for /
/each //qualified //employee //(must //have //worked // 400 //hours), //reduces //deduction //for //wages
Research /
/activities /
/credit //- /
/correct //answer(s) // โโ //business //credit //to //encourage //technical //R&D, //based //on //amount //of
//credit //and //base //amount
low-
income /
/housing //credit //- //correct //answer(s) // โโ //business //credit //claimed //by //owners //of //low-
income //rental //housing //units, //taken //for // 10 //years //after //placed //into //service
disabled /
/access /
/credit //- /
/correct /
/answer(s) /
/business /
/credit //for //making //expenditures //to //make //business //accessible //to //disabled //individuals, //50%
//of //expenditures //up //to //$5,000 //limit
welfare /
/to //work //credit //- //correct //answer(s) // โโ //combined //with //work //opportunity //credit //now
employer /
/provided /
/childcare /
/credit //- /
/correct /
/answer(s) /
/business /
/credit /
/for /
/childcare /
/expenses /
/paid /
/by /
/the /
/Nonrefundable /
/credit /
/for /
/expenses /
/incurred /
/for /
/caring /
/for //dependents, //over //$43,000 //AGI //20%, //maximum //of //$3,000 //for //one, //$6,000 //for //two //or
//more
credit //for //mortgage //interest //paid //- //correct //answer(s) // โโ //For //qualified //low-
income //homeowners //with //Mortgage //Credit //Certificate //loans
earned //income //credit //- //correct //answer(s) // โโ //Refundable //tax //credit //low-income //workers
//who /
/have //
a /
/principal /
/residence /
/in /
/the /
/US, /
/cannot /
/have //unearned //income //of //more //than //$2,950, //qualifying //child //needed //for //most //people
adoption /
/credit //- /
/correct /
/answer(s) /
/ โโ //nonrefundable //credit //for //qualified //adoption //expenses //paid, //phased //out //at //$174,
//AGI, //credits //can //carry //forward
child /
/tax /
/credit //- /
/correct //answer(s) // โโ //Claim //$1,000 //credit //for //each //qualifying //child //under //age // 17
education /
/credits //- /
/correct /
/answer(s) /
/ โโ //Hope //credit //of //up //to //$1,800 //for //first //two //years, //lifetime //learning //credit //for //20% //of
//$10,000 //of //tuition //expenses //paid, //available //for //unlimited //number //of //years
Contributions /
/to /
/qualified /
/to /
/retirement /
/plans //- /
/correct /
/answer(s) /
/non //refundable //credit //for //contributions //to //retirement //savings //plans, //cannot //have //AGI //of
//$53,000 //or //more //MFJ, //$39,750 //HOH, //and //$26,500 //for //others
General /
/business /
/credit //- /
/correct /
/answer(s) /
/combines //each //business //tax //credits //into //one, //limited //to //excess //of //taxpayer's //regular //tax
//liability /
/over /
/the /
/tentative //minimum //tax //or //$25,000 //plus //75% //of //the //tax //liability //in //excess //of //$25,
