Name That Credit
Fun With Numbers
Words, words, words
100
This credit is NOT a Limited Liability Company 😉 .
What is the Lifetime Learner’s Credit aka LLC?
100
Per the IRS tax tables from the 2023 Form 1040 Tax and Earned Income Credit Tax Tables document, THIS is your Federal income tax liability on $48,023 of taxable earned income, Single filing status.
What is $5,873?
Page 9 of https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
100
Notice 2014-7 concerns THIS type of state waiver, starting with an M.
What is MEDICAID?
Medicaid is a state program; Medicare is a Federal program.
https://www.irs.gov/individuals/certain-medicaid-waiver-payments-may-be-excludable-from-income
https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-w-2/qualified-medicaid-waiver-payments-w-2-show-earned/L1XZa89dh_US_en_US
200
I’m found on Form 8863, but you’ll need to file 8862 in later years if I get disallowed one year.
What is the AOTC?
200
Amount of 2023 EV Credit a 2023 Rivian R1T (any R1T) purchased on or after 18 April 2023 qualifies for, per https://fueleconomy.gov/feg/tax2023.shtml.
What is $3,750?
200
Two-word phrase, initials SS, which is a key determinant of Schedule C vs Schedule E for an AirBnB.
What is SUBSTANTIAL SERVICES?
300
THIS CREDIT has a de minimis rule - if it's entirely from passive income and under $600 on a joint return, it just goes right on the 1040.
What is the FOREIGN TAX CREDIT?
300
Per the IRS tax tables from the 2023 Form 1040 Tax and Earned Income Credit Tax Tables document, THIS is your Federal income tax liability on $83,074 of taxable earned income, HoH filing status.
What is $11,978?
https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
page 12
300
A clergy W-2 should not include THIS in Box 1.
What is HOUSING ALLOWANCE?
(Unless in excess of fair rental value of property.)
https://wiki.intuit.com/display/TUGFP/TurboTax+Online+2022?preview=/977075459/996932719/Clergy.pdf
400
Regardless of overall income, if your investment income exceeds $11,000 for tax year 2023 you cannot claim THIS CREDIT.
400
The 2023 Federal income tax bracket a non-itemizing Single college athlete with $600,000 in NIL gross pay is in, assuming no other income and only the following expenses:
Agent cut of 10%
$1,200 in 100% business-use cell phone
What is 35%?
Remember tax brackets are based on taxable not AGI. For 2023, single 37% starts at $578,126 taxable.
10% of $600,000 is $60,000.
$600,000 - $60,000 is $540,000. We already have our answer even before considering the standard deduction or the cell phone.
400
AoA are the initials for this infamous phrase which has launched many a Form 3115.
What is ALLOWED OR ALLOWABLE?
500
My exact name can be seen next to Part II at the top of the page of Form 5695; I am nonrefundable and do NOT carry forward.
What is the Energy Efficient Home Improvement Credit?
https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit
500
The amount of taxable income where the 2023 22% bracket starts for MFJ and MFS, respectively - yes this is a two-number answer.
What are $89,451 and $44,726?
https://www.irs.gov/filing/federal-income-tax-rates-and-brackets
500
The name of an unusual deduction whose purpose was to incentivize the continued use of passthrough entities in the wake of slashed corporate tax rates. It does NOT reduce AGI, only taxable income, but also does NOT require that the taxpayer itemize nor does it appear on Schedule A.
What is the QUALIFIED BUSINESS INCOME DEDUCTION?