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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