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Enrolled Agent Exam Review Questions and Answers
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Enrolled Agent Exam Review Questions and Answers
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Enrolled Agent Exam Review Questionsand Answers
Child ICare ICredit I- ICorrect IAnswers I-(also Iknown Ias Ia Idependent Icare Icredit) Iis
Iprovided Ias Ia Ipayment Iagainst Itaxes Ithat Iare Iowed Iby Ithe Iindividuals Ias Ia
Ipercentage Iof Idependent Icare Iexpenses Ipaid. IThe Iclass Iof Iindividuals Ieligible Ifor Ithis
Icredit Iis Iindividuals Iwho Imaintain Ia Ihousehold Ifor Ia Iqualified Iindividual I(usually Ia
Ichild) Iand Iwho Ipay Ichild Icare Iexpenses Iin Iorder Ito Ibe Iemployed Ior Ilook Ifor Iwork, Ior
Iin Iorder Ifor Iboth Itaxpayers Ito Ibe Iemployed Ias Iin Ithe Icase Iof Imarried Itaxpayers Ifiling
Ia Ijoint Ireturn I(one Ispouse Ican Ibe Ia Ifull Itime Istudent). IAlthough Ithe Icredit Iis Ifor Ichild
Icare Iexpenses Ithat Iallow Ithe Itaxpayer Ito Ilook Ifor Iwork, Iif Ithe Itaxpayer Iwas Inot
Iemployed Iduring Ithe Iyear, Iand Ihad Ino Iearned Iincome Ifor Ithe Iyear, Ithe Itaxpayer
Icannot Itake Ithe Icredit. I
The Icredit Iis Ia Inonrefundable Icredit Iallowed Ias Ia Ireduction Iof Itaxes Idue. IThe Icredit
Imay Ibe Iup Ito I35% Iof Ithe Iexpenses Ipaid Ifor Ithe Icare Iof Ieach Iqualifying Iindividual,
Iand Iit Iis Ilimited Ito I$3,000 Iin Ithe Icase Iof Ione Ichild Iand I$6,000 Iin Ithe Icase Iof Imore
Ithan Ione Ichild. IThe Icredit Iis Ireduced Iby I1% Ifor Ieach I$2,000, Ior Ifraction Iof I$2,000, Iof
Iincome Ibetween I$15,000 Iand I$43,000.
A Iqualifying Iindividual Iis Iusually Ia Idependent I(specifically Ia Iqualifying Ichild) Iof Ithe
Itaxpayer, Iunder Ithe Iage Iof I13. IA Iqualifying Iindividual Ialso Iincludes Ia Idependent Ior
Ispouse Iof Ithe Itaxpayer Iwho Iis Ieither Imentally Ior Iphysically Iincapable Iof Icaring Ifor
Ithemselves Iand Iwho Ihas Ithe Isame Iprincipal Iplace Iof Iabode Ias Ithe Itaxpayer Ifor Imore
Ithan Ihalf Ia Iyear.
A Itaxpayer's Ispouse Ior Iqualifying Iindividual Iwill Ibe Ideemed Ito Ibe Igainfully Iemployed
Iand Ito Ihave Iearned Iincome Iof I$250 I($500 Ifor Imore Ithan Ione Ichild) Iper Imonth Ifor
Ieach Iqualifying Iindividual Ifor Iwhich Ithe Icredit Iis Iclaimed, Ifor Ieach Imonth Iduring
Iwhich Ithey Iare Ia Ifull Itime Istudent. I
A Itaxpayer Ican Icompute Ihis Ior Iher Ichild Icare Icredit Iamount Ion IForm I2441, I"Child
Iand IDependent ICare IExp
Form I1040 I- ICorrect IAnswers I-U.S. IIndividual IIncome ITax IReturn. IThis Iform Iis Iused
Iwhen Ideductions Iare Iitemized, Ithe Itaxpayer Ihas Icapital Igains Ior Ilosses Ito Ireport, Ior
Iother Iforms Ineed Ito Ibe Iattached Ito Ireport Icertain Iexclusions, Itaxes, Ior Itransactions.
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