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Author Question: All of the following statements are true regarding the Lifetime Learning Creditexceptwhich one? (Read 45 times)

Frost2351

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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.


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Marked as best answer by Frost2351 on Sep 13, 2020

Toya9913

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Frost2351

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


Bigfoot1984

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Reply 3 on: Yesterday
Gracias!

 

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