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Author Question: All of the following statements are true regarding the Lifetime Learning Creditexceptwhich one? (Read 37 times)

Frost2351

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on: Sep 13, 2020

Question 1

A taxpayer will be ineligible for the earned income credit if he or she has disqualified investment income of more than $3,400 in 2016. Disqualified income includes all the following except
◦ net capital gains.
◦ tax-exempt interest.
◦ net rental income.
◦ self-employment income.

Question 2

All of the following statements are true regarding the Lifetime Learning Credit except which one?
◦ In order to qualify for the Lifetime Learning Credit, a student must be enrolled 1/2 time.
◦ Qualifying expenses include those for tuition and related fees but not for room and board.
◦ The Lifetime Learning credit may be claimed for any degree or nondegree course at a college or university that helps an individual acquire or improve their job skills.
◦ The Lifetime Learning credit and the American Opportunity Tax credit may not be taken in the same tax year with respect to the same student's tuition and related fees.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Frost2351 on Sep 13, 2020

Toya9913

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Reply #1 on: Sep 13, 2020
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Frost2351

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

meganmoser117

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Reply 3 on: Yesterday
Wow, this really help

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