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Tax Credits and Deductions — Quiz Answers

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1
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Casey contributed $⁢1,000 to a traditional IRA. Which tax deduction might Casey be eligible for?

A
charitable contributions deduction
B
retirement contributions deduction
C
state and local taxes deduction
D
home office deduction
2
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Hanley paid $⁢3,000 in state income taxes and $⁢2,000 in property taxes. Which tax deduction might Hanley be eligible for?

A
charitable contributions deduction
B
mortgage interest deduction
C
state and local taxes (SALT) deduction
D
medical expenses deduction
3

Elliot contributed $⁢1,000 to a retirement savings plan. Which tax credit might Elliot be eligible for?

A
Child Tax Credit
B
Earned Income Tax Credit
C
Saver’s Credit
D
lifetime learning credit
4

Hanley paid $⁢3,000 in state income taxes and $⁢2,000 in property taxes. Which tax deduction might Hanley be eligible for?

A
medical expenses deduction
B
charitable contributions deduction
C
mortgage interest deduction
D
state and local taxes (SALT) deduction
6

Anaya spent $ 1,500 on textbooks and other educational supplies for college courses. Which tax credit can Anaya use to reduce tax liability?

A
Child Tax Credit
B
lifetime learning credit
C
American opportunity tax credit
D
Earned Income Tax Credit
7

Gabriela's employer offers a reimbursement program for tuition expenses. Gabriela received $⁢3,000 in reimbursement for graduate school tuition. Can Gabriela still claim the lifetime learning credit?

A
No, because it is a graduate program.
B
Yes, but only on expenses not reimbursed.
C
No, because Gabriela received a reimbursement.
D
Yes, Gabriela can claim the full amount.
8

Gabriela's employer offers a reimbursement program for tuition expenses. Gabriela received $⁢3,000 in reimbursement for graduate school tuition. Can Gabriela still claim the lifetime learning credit?

A
Yes, but only on expenses not reimbursed.
B
No, because Gabriela received a reimbursement.
C
No, because it is a graduate program.
D
Yes, Gabriela can claim the full amount.
9

Kiernan donated $⁢3,000 to a qualified charity, paid $⁢5,000 in higher education, and spent $⁢2,500 on medical expenses. Which expenses are eligible for tax deductions?

A
charity donation and higher education
B
charity donation and medical expenses
C
medical expenses, charity donation, and higher education
D
higher education and medical expenses
10

Elliot contributed $⁢1,000 to a retirement savings plan. Which tax credit might Elliot be eligible for?

A
Earned Income Tax Credit
B
Child Tax Credit
C
Saver’s Credit
D
lifetime learning credit

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