Credits/deductions
Form 2441
What is the child & dependent care expense
Parent may claim dependent exemption, child tax credit, other dependent credit, and/or additional child tax credit
What is Noncustodial parent
You only file a schedule B when your interest or dividends is more than
What is $1500
Failure to file
What is 5%
A deferred compensation plan
What is 401(k)
ACTC
What the additional child tax credit
Penalty that can be assessed against tax preparers who fail to comply
What is due diligence penalty
Student loan maximum deduction allowed
What is $2500
Failure to pay
What is 0.5%
Taxpayers who withdraw amounts from the account before they are 59&1/2 are typically subject to on their federal return
What is 10%
AOTC
What is the American Opportunity Tax Credit
Also known as QC
What is Qualifying Child
Maximum Refundable American opportunity tax credit
What is $1000
Negligence or intentional disregard
What is 20%
Taxpayers who withdraw amounts from the account before they reach 59&1/2 are typically subject to on their state return
What is 2%
Single or Married Filing Separately standard deduction
What is $12000
Also known as QR
What is Qualifying Relative
Maximum lifetime learning credit
What is $2000 per return
Tax preparer penalty
What is $250
The maximum allowed for adjustments to income is $250
What is educator expenses
Married taxpayers age 65 or older and/or blind are entitled to this increased standard deduction
What is $1300 per condition
Worth up to $500 per qualifying dependent
What is the Other Dependent Credit (ODC)
Maximum social security benefit subject to tax
What is 85%
Tax preparer penalty willful or reckless conduct
What is $5000
Can continue to contribute even after 70&1/2
What is a Roth IRA