Answer Happy

19. Which of the following statements about the credit for child or dependent care is correct? a. b. It applies to a 17-year-old child who does not have special needs It is a refundable tax credit c. It applies if the payment for care is given to a 13-year-old sibling It applies if payments are made to a day care center d. 20. All of the following statements about the American Opportunity Tax Credit are correct except: a. It can be taken if the child has a full scholarship (no cash outlay for college) b. It is for 4 years only c. It is phased out for people who have too high an AGI d. It is only available if a client is a degree candidate at an eligible educational institution 21. Which of the following statements about the Lifetime Learning Credit is (are) correct? L It is for 20% of the first $10,000 spent on education expenses. There is no limit on the number of years it can be claimed II. a. I only b. Il only c. Both I and II d. Neither I nor II 22. Which of the following statements about the deductibility of student loan interest is (are) correct? 1. It is an above the line deduction on qualified education loans. II. It can be a below the line interest deduction for someone who contributes to a 52 plan. a. I only b. II only c. Both I and II d. Neither I nor II 23. Which of the following statements about the student tuition and fees deduction for a clien (are) correct? 1. II. It can be taken by a person who is claimed as a dependent by their parents. It can be claimed by a person if they are married filing separately. a. I only b. Il only c. Both I and II d. Neither I nor II