Exam (elaborations)
Enrolled Agent Exam Review Questions and Answers
- Course
- Institution
Enrolled Agent Exam Review Questions and Answers
[Show more]
Content preview
Enrolled Agent Exam Review Questionsand Answers
Child ICare ICredit I- ICorrect IAnswers I-(also Iknown Ias Ia Idependent Icare Icredit) Iis
Iprovided Ias Ia Ipayment Iagainst Itaxes Ithat Iare Iowed Iby Ithe Iindividuals Ias Ia
Ipercentage Iof Idependent Icare Iexpenses Ipaid. IThe Iclass Iof Iindividuals Ieligible Ifor Ithis
Icredit Iis Iindividuals Iwho Imaintain Ia Ihousehold Ifor Ia Iqualified Iindividual I(usually Ia
Ichild) Iand Iwho Ipay Ichild Icare Iexpenses Iin Iorder Ito Ibe Iemployed Ior Ilook Ifor Iwork, Ior
Iin Iorder Ifor Iboth Itaxpayers Ito Ibe Iemployed Ias Iin Ithe Icase Iof Imarried Itaxpayers Ifiling
Ia Ijoint Ireturn I(one Ispouse Ican Ibe Ia Ifull Itime Istudent). IAlthough Ithe Icredit Iis Ifor Ichild
Icare Iexpenses Ithat Iallow Ithe Itaxpayer Ito Ilook Ifor Iwork, Iif Ithe Itaxpayer Iwas Inot
Iemployed Iduring Ithe Iyear, Iand Ihad Ino Iearned Iincome Ifor Ithe Iyear, Ithe Itaxpayer
Icannot Itake Ithe Icredit. I
The Icredit Iis Ia Inonrefundable Icredit Iallowed Ias Ia Ireduction Iof Itaxes Idue. IThe Icredit
Imay Ibe Iup Ito I35% Iof Ithe Iexpenses Ipaid Ifor Ithe Icare Iof Ieach Iqualifying Iindividual,
Iand Iit Iis Ilimited Ito I$3,000 Iin Ithe Icase Iof Ione Ichild Iand I$6,000 Iin Ithe Icase Iof Imore
Ithan Ione Ichild. IThe Icredit Iis Ireduced Iby I1% Ifor Ieach I$2,000, Ior Ifraction Iof I$2,000, Iof
Iincome Ibetween I$15,000 Iand I$43,000.
A Iqualifying Iindividual Iis Iusually Ia Idependent I(specifically Ia Iqualifying Ichild) Iof Ithe
Itaxpayer, Iunder Ithe Iage Iof I13. IA Iqualifying Iindividual Ialso Iincludes Ia Idependent Ior
Ispouse Iof Ithe Itaxpayer Iwho Iis Ieither Imentally Ior Iphysically Iincapable Iof Icaring Ifor
Ithemselves Iand Iwho Ihas Ithe Isame Iprincipal Iplace Iof Iabode Ias Ithe Itaxpayer Ifor Imore
Ithan Ihalf Ia Iyear.
A Itaxpayer's Ispouse Ior Iqualifying Iindividual Iwill Ibe Ideemed Ito Ibe Igainfully Iemployed
Iand Ito Ihave Iearned Iincome Iof I$250 I($500 Ifor Imore Ithan Ione Ichild) Iper Imonth Ifor
Ieach Iqualifying Iindividual Ifor Iwhich Ithe Icredit Iis Iclaimed, Ifor Ieach Imonth Iduring
Iwhich Ithey Iare Ia Ifull Itime Istudent. I
A Itaxpayer Ican Icompute Ihis Ior Iher Ichild Icare Icredit Iamount Ion IForm I2441, I"Child
Iand IDependent ICare IExp
Form I1040 I- ICorrect IAnswers I-U.S. IIndividual IIncome ITax IReturn. IThis Iform Iis Iused
Iwhen Ideductions Iare Iitemized, Ithe Itaxpayer Ihas Icapital Igains Ior Ilosses Ito Ireport, Ior
Iother Iforms Ineed Ito Ibe Iattached Ito Ireport Icertain Iexclusions, Itaxes, Ior Itransactions.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now