Unlimited Limits
Claim Jumpers
Our house / in the middle of our street
AOTC Wizardry
100
The joint AGI where a joint taxpayer is *completely* phased out of the American Opportunity Tax Credit (TY23).
What is $180,000?
https://www.irs.gov/credits-deductions/individuals/aotc
100
The tax filing deadline in 2022 was April 18, 2022. Monica filed her 2021 tax return on February 10, 2022; she has until THIS DATE to file a claim of refund.
What is April 18, 2025?
https://www.irs.gov/instructions/i1040x#en_US_202301_publink11362hd0e233
100
The section of the IRC granting an exclusion of capital gain on sale of a personal residence, with certain rules and restrictions.
What is Section 121?
100
The AOTC pocket switch makes the amount moved to taxable scholarship taxable to THIS PERSON.
Who is THE STUDENT?
200
The TY23 contribution limit to a Traditional IRA for an under-50 taxpayer, assuming all eligibility requirements are met.
Contribution may or may not be deductible, depending on circumstances.
200
The information (two things) which a married taxpayer filing as MFS must provide on the tax return about their spouse.
What is
Full Name and
SSN?
200
Cancellation of debt income normally reported on *this form* may be excluded from gross income if it is cancellation of qualified principal residence indebtedness that is discharged subject to an arrangement that is entered into and evidenced in writing before January 1, 2026.
What is Form 1099-C?
https://www.irs.gov/taxtopics/tc431
200
The amount in "small tent" expenses* NOT covered by scholarship or grant needed in order to maximize the AOTC.
*Tuition, books, required fees
What is $4,000?
300
This amount, which is set by statute and *not* adjusted annually for inflation, is the maximum Student Loan Interest Deduction a taxpayer can take, assuming they paid this much interest and are otherwise eligible to claim this above-the-line deduction.
What is $2,500?
https://www.irs.gov/taxtopics/tc456
300
The number of years an eligible taxpayer may file as a Qualifying Surviving Spouse, *after* the tax year of the spouse's passing, which would still be a joint return, of course.
What is two?
300
If you are a first-time homebuyer and make an early withdrawal from a Traditional IRA, you may claim an exception from penalty for up to this amount.
What is $10,000?
Please note this exception is NOT given for first-time homebuyer withdrawals from an employer-sponsored plan such as a 401(k), only an IRA.
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
First-time homebuyer. Generally, you are a first-time homebuyer if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse must also meet this no-ownership requirement.
300
The credit calculation for the first $2,000 of the American Opportunity Tax Credit (AOTC).
What is 100%?
400
The AGI threshold on a joint return where the Child and Dependent Care Credit begins to phase out (TY23).
What is NULL - there is no income requirement for claiming this credit, though of course it is a nonrefundable credit so some tax liability is required to take advantage of the credit.
In 2021, for 2021 only due to the ARPA, there was a phaseout. Many families were eligible for a credit calculation percentage of 50%, too!! After 2021 we reverted back to the old rules.
400
The length of time during the year a nonrelated person must live with a taxpayer who wishes to claim that nonrelated person as a dependent, assuming all other tests are met.
What is the entire year?
Incidentally, a niece or nephew is considered related but a cousin is not.
https://www.irs.gov/newsroom/heres-how-the-credit-for-other-dependents-can-benefit-taxpayers#:~:text=A%20qualifying%20individual%20could%20be,is%20%24500%20per%20qualifying%20dependent.
400
The simplified Home Office Deduction almost always results in a lower deduction amount vs. claiming actual expenses, but an advantage of the simplified method is that you won't need to worry about *this* when you sell the home.
What is DEPRECIATION RECAPTURE?
400
Susan is attending college on a musical scholarship which covers her tuition plus more.
Her Box 5 1098-T amount is $35,000 and her Box 1 Tuition amount is $26,000. She also had $2,000 in required fees and books.
Assuming her parent qualifies to claim the maximum AOTC, THIS AMOUNT must be moved to taxable scholarship to maximize the AOTC.
Assume unrestricted scholarship and $14,000 in R&B expenses.
What is $13,000?
500
The 2022 taxable income threshold where the QBI Section 199A SSTB (Specified Service Trade or Business) exclusion begins to phase out for all filing statuses *except* MFJ.
500
A taxpayer wishing to claim the Adoption Credit regarding a foreign adoption must wait until *this* tax year.
What is the tax year in which the adoption becomes final?
https://www.irs.gov/taxtopics/tc607
500
Cyrano and Roxanne are married January 1, 2022 and move into a new home together the same day. Cyrano met all tests for Section 121 gain exclusion and sold his former home, which Roxanne never lived in, in January of 2022 as well.
The answer is -- the maximum Section 121 capital gain exclusion amount they may claim on their 2022 joint return for the sale of Cyrano's home.
What is $250,000?
500
Egan is attending college on a scholarship which covers his tuition plus more.
Her Box 5 1098-T amount is $27,000 and his Box 1 Tuition amount is $22,000. He also had $3,000 in required fees and books.
Assuming his parents qualify to claim the full AOTC, THIS AMOUNT must be moved to taxable scholarship to maximize the AOTC.
Assume unrestricted scholarship and $13,000 in R&B expenses.
What is $6,000?