MrAnd MrsT Have One Dependent and File a Joint Return Which

question 33

Multiple Choice

Mr.and Mrs.T have one dependent and file a joint return which shows taxable income of $96,900, a regular tax liability of $16,475 and an AMT adjusted taxable income of $160,000.The T's also have a child care credit of $480 and a rehabilitation investment credit of $16,000.Determine the amount of the check (without regard to any possible penalties) that Mr.and Mrs.T must send to the IRS, and the amount of tax credits that can be carried back or forward.Assume Mr.and Mrs.T do not qualify for the child tax credit because the dependent is 18 years old and is incapacitated.

• A)$22,413, $16,000
• B)$16,739, $10,000
• C)$14,070, $0
• D)$9,245, $0
• E)$29,400, $16,480

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