Education Credit
Available for an unlimited number of tax years
What is the Lifetime Learning Credit?
Any child under age 18. If the child turned 18 during the year, the child is an eligible child for the part of the year he or she was under age 18. • Any disabled individual physically or mentally unable to take care of himself or herself.
What is an Eligible Child?
If you received advance child tax credit payments during 2021, you will receive ______
What is Letter 6419?
Your employer must give you a Form W-2 (or similar statement), showing in_____ the total amount of dependent care benefits provided to you during the year under a qualified plan.
What is Box 10?
You can’t claim the earned income credit if you file Form 2555
What is Rule 5?
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed the tuition and fees deduction for tax years beginning after 2020.
What is Tuition and fees deduction?
From used to claim the Adoption Credit
What is form 8839?
________ is used to figure your child tax credits, to report advance child tax credit payments you received in 2021, and to figure any additional tax owed if you received excess advance child tax credit payments
What is Schedule 8812?
Information needed. To identify the care provider, you must give the provider's:
What is
1. Name,
2. Address, and
3. Taxpayer identification number.
You Cannot Be a Qualifying Child of Another Taxpayer
What are Rules 10 & 13?
Hasn't been convicted of any federal or state felony for possessing or distributing a controlled substance as of the end of the tax year.
Who Is an Eligible Student for the American Opportunity Credit?
You may be able to exclude up to $14,440 and claim a credit for additional expenses up to $14,440 (minus any qualified adoption expenses claimed for the same child in a prior year) if you adopt a
What is a a U.S. child with special needs?
If your qualifying child does not have the required SSN, but has another type of taxpayer identification number issued on or before the due date of your 2021 return (including extensions), you may be able to claim____ for that child
What is the Credit for Other Dependents (ODC)?
The nonrefundable credit is reported on Form 2441, line ____
What is Line 11?
This credit is called the “earned income” credit because, to qualify, you must work and have earned income. If you are married and file a joint return, you meet this rule if at least one spouse works and has earned income.
What is Rule 7?
Available for all years of postsecondary education and for courses to acquire or improve job skills.
What is the Lifetime Learning Credit?
IF you pay qualifying expenses in... THEN take the credit in... any year before the year the adoption becomes final the year the adoption becomes final
What is a Foreign Adoption?
The child tax credit applies to qualifying children who have not attained age __ by the end of 2021
What is age 18?
You Must Have _______ Income to claim this credit.
What is Earned Income?
You can’t claim the earned income credit unless your investment income is $10,000 or less.
What is Rule 6?
Up to $2,500 credit per eligible student and 40% of credit may be refundable; the rest is nonrefundable
What is the American Opportunity Credit?
IF you pay qualifying expenses in... THEN take the credit in... any year before the year the adoption becomes final* the year after the year of the payment.
What is a Domestic Adoption?
If you received advance child tax credit payments during 2021 and the credits you figure using Schedule 8812 are less than what you received, you may owe an additional tax.
What is the Additional tax on excess advance child tax credit payments?
For 2021, your credit for child and dependent care expenses is refundable if you, or your spouse if married filing jointly,_______________
What is had a principal place of abode in the United States for more than half of 2021?
Your child must have lived with you in the United States for more than half of 2021.
What is Rule 8- Residency Test