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ВходTax benefits for higher education
Список вопросов теста
Вопрос 1
This article explores a tax strategy of electing to include in ______certain otherwise excludable scholarships or grants to, in certain cases, maximize the net tax benefit from these education credits.
Варианты ответов
- education credit and reduce
- gross income
- to increase
Вопрос 2
Tax benefits-?
Варианты ответов
- скидки покупателям
- налоговые льготы
- система льгот
Вопрос 3
кредиты образования-?
Варианты ответов
- certain cases
- education credits
- Lifetime Learning Credits
Вопрос 4
calculations
Варианты ответов
- вычеты
- налоги
- расчеты
Вопрос 5
поисковая система-?
Варианты ответов
- AOTC
- LLC
- IRS
Вопрос 6
подобная инструкция-?
Варианты ответов
- refundable instructions
- Similar instructions
- financial determining
Вопрос 7
This strategy can significantly affect the tax outcome of a taxpayer, as both education credits provide significant ___________....
Варианты ответов
- by its terms
- tax benefits
- postsecondary
Вопрос 8
The available credit is 40% _________(i.e., up to $1,000).
Варианты ответов
- tax credit
- offers a credit for
- refundable
Вопрос 9
The American opportunity tax credit is limited to a student’s first ___________of higher education.
Варианты ответов
- 4 years
- 2 years
- 5 years
Вопрос 10
___________ offers a credit for 20% of up to $10,000 in qualified education expenses.
Варианты ответов
- The American opportunity tax credit
- The lifetime learning credit
- (LLC)
- (AOTC)
Вопрос 11
____________ students enrolled in courses at an eligible college, university, vocational school, or other postsecondary institution (including courses to acquire or improve job skills) can claim the lifetime learning credit.
Варианты ответов
- The terms
- Eligible
- For this purpose
- The instructions
Вопрос 12
related expenses
Варианты ответов
- налоговые льготы
- сопутствующие расходы
- квалифицированные работники
- возмещаемый ущерб
Вопрос 13
However, just because any nontaxable scholarship or grant can ________to qualified education expenses when calculating education credits does not necessarily mean it must ___________________.
Варианты ответов
- to expenses
- be applied
- to file a return
Вопрос 14
Qualified tuition and related________
Варианты ответов
- education
- educational institution
- expenses
Вопрос 15
1. The scholarship or fellowship grant must qualify as tax-free under Sec. 117(b)(1), as defined earlier.
2. The terms of the scholarship or grant must allow it to be applied to nonqualified expenses.
If further information is required to substantiate the eligibility of a scholarship or grant, taxpayers can contact the student’s financial aid office to request its terms.
Варианты ответов
- Types of qualified scholarships and grants
- Qualified tuition and related expenses
- Nonqualified education expenses
Вопрос 16
Qualified tuition and related expenses-?
Варианты ответов
- Regs. Sec. 1.25A-2(d)(2)(ii) further provides that related expenses include fees for books, supplies, and equipment used in a course of study only if the fees must be paid to the eligible educational institution for the enrollment or attendance of the student at the institution.
- The terms of the scholarship or grant must allow it to be applied to nonqualified expenses. If further information is required to substantiate the eligibility of a scholarship or grant, taxpayers can contact the student’s financial aid office to request its terms.
- In contrast to Regs. Sec. 1.25A-2(d)(2)(ii), Prop. Regs. Sec. 1.25A-2(d)(3) and the Form 8863 instructions provide that, regarding the American opportunity tax credit, qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution. However, the requirement that the fees be paid to the eligible educational institution still pertains to the lifetime learning credit, according to the instructions.
- Regs. Sec. 1.25A-2(d)(3) provides that qualified education expenses exclude personal expenses, including room and board, insurance, medical expenses (including student health fees), transportation, and other similar personal, living, or family expenses.
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