Child tax, Residential Energy, and Dependent Care Expenses credits are some examples of these...
What are NON REFUNDABLE CREDITS?
100
Dependent care and Education credits are not available to this filing status.
What is Married Filing Separately?
100
EIC is an example of this kind of credit.
What is a Refundable Credit?
100
Only the amount of allowable medical expense that exceed this are deductible.
What is 10% of your AGI?
100
If you take an early withdrawal of your 401k, you will have to pay this in addition to your federal income tax.
What is a 10% penalty?
200
The year your child turns 17, you'll lose this.
What is child tax credit?
200
Dependent Care Credit is available to dependent children under this age.
What is 13?
200
To be a qualifying child for EIC, they must meet the relationship, age, joint return and this test.
What is the Residency test?
200
As most taxpayers are on cash basis accounting, you may only deduct itemized expenses when they are this.
What is the tax year they are paid?
200
Retirement income such as pensions, annuities and IRA distributions are this type of income.
What is Unearned Income?
300
Use this form to figure out your Dependent Care Expense Credit
What is Form 2441?
300
If you have 2 or more children on your return who qualify for dependent care expenses, this is the maximum in expenses you can claim.
What is $6000?
300
As long as all the tests are met, the child does not have to be this on the tax return to still qualify for EIC.
What is claimed as a dependent?
300
In some states, residents do not pay income taxes, so they can deduct this on Schedule A instead.
What is general state and local sales tax?
300
Generally, 6 months after your 70th birthday, you'll have to begin taking one of these from your IRA.
What is a Required Minimum Distribution (RMD)?
400
If you are divorced and your child lived with you longer than the other parent, then regardles of what the divorce decree states, the IRS considers you to be this
What is the custodial parent?
400
If filing MJF both spouses generally must have this to be eligible to claim dependent care expenses.
What is earned income?
400
A child can be any age and may be a qualifying child for EIC is he or she is this.
What is permanently and totally disabled?
400
Determining the value of a non cash contribution is based on this.
What is the FMV?
400
To avoid pay a tax and penalties, you must rollover your IRA or 401K distribution within this amount of time?
What is 60 days?
500
If you are the non Custodial Parent, but get to claim your children as dependents with 8332, they are still not qualifying persons for this filing status.
What is Head of Household?
500
The amount of dependent care expenses you can claim for one child is your actual expenses up to $3000 or limited by this.
What is your earned income?
500
EIC tax preparers are required to file this form to document due diligence.
What is Form 8867?
500
If you receive a state refund statement 1099-G, you may have to report it as income if you did this the year before?
What is filed a Schedule A and claimed the state income tax deduction?
500
If you contribute to a retirement plan through work, you may qualify for this credit.