VITA| 70 Questions | Correct Answers|

VITA| 70 Questions | Correct Answers| 1. Rebecca's most beneficial allowable filing status is Head of Household. - ANSWER false 2. Rebecca has $_______ in qualifying child care expenses for the child and dependent care credit.. - ANSWER 2500 3. Pat and Terri are only eligible to claim the child tax credit on their 2020 tax return. - ANSWER false 4. The taxable amount of Pat's unemployment compensation is $_________? - ANSWER 3300 5. Medicaid waiver payments can be considered earned income for the computation of the earned income credit. - ANSWER true 6. Andrew's HSA deduction amount on Form 8889, Part I, line 13 is $3,000. - ANSWER False 7. The HSA contribution made by Andrew's employer will be shown in Box 12 on his Form W-2 with the following: - ANSWER W 8. The over-the-counter allergy medication is a qualified medical expense for HSA purposes. - ANSWER true 9. Barbara and Claire can make an agreement on who can claim Molly as a dependent. - ANSWER false 10. Jenny is eligible for earned income credit, but can allow Claire to claim the credit. - ANSWER false 11. Robert is eligible to claim the donation to his friend's GoFundMe account as a charitable contribution. - ANSWER false 12. Robert qualifies for an above-the-line charitable contribution adjustment of $300 on his 2020 tax return if he chooses not to itemize. - ANSWER false 13. Carly can claim $3,960 as a student loan interest deduction on Form 1040, Schedule 1. - ANSWER false 14. Carly is eligible to deduct $250 as an adjustment to income on Form 1040, Schedule 1 for qualified educator expenses. - ANSWER false 15. The Franklins can use $ ___________ of qualified child care expenses to calculate the child and dependent care credit. - ANSWER 6000 false 16. The refundable amount of the American opportunity credit located on Form 8863, Education Credit is: - ANSWER 918 17. The Franklins' Form 8962, Premium Tax Credit, shows they are entitled to a net premium tax credit on their 2020 tax return. - ANSWER true 18. The Franklins can claim a recovery rebate credit of $1,200 for Christina on their 2020 tax return. - ANSWER false 19. What is the amount of the earned income credit on the Franklins' Form 1040? - ANSWER not 538 0 464 59