A Taxpayer May Qualify for the Credit for Child and Dependent

question 18

True/False

A taxpayer may qualify for the credit for child and dependent care expenses if the taxpayer's dependent is under age 13.

---

Definitions:

Maturity Value

The amount due to the owner of a financial instrument at its maturity date, including principal and interest.

Default

Failure of maker to pay the maturity value of a note when due.

Account Receivable

Debts incurred by customers for receiving goods or services from a business, which remain unpaid.

Note Receivable

A written promise for amounts to be received, typically including interest, by one party from another.