Which of the Following Is Not a True Statement About

question 88

Multiple Choice

Which of the following is not a true statement about the American opportunity credit (AOC) and lifetime learning credits?

• A) A taxpayer may not report both an AOC and a lifetime learning credit on the same tax return
• B) Certain educational expenses qualify for both credits but taxpayers must claim one credit or the other for the expenditures (the taxpayer cannot claim both credits for the same expenditures)
• C) Taxpayers may choose to either (1) deduct qualifying education expenses of an individual as for AGI deductions or claim educational credits for the individual's expenses (but not both)
• D) The AGI phase-out threshold for phasing out the AOC is higher than the AGI phase-out threshold for the lifetime learning credit.

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Definitions:

Nonsufficient Funds Check

A check that cannot be processed because the account on which it is drawn does not have enough funds.

Practice Management (PM) Software

This category of software provides the medical office the electronic component to deal with day-to-day financial and administrative operations of a medical practice. The PM software is often integrated with an electronic medical record (EMR) system. This allows information to be pulled from the EMR and populated in the financial components of the patient account.

Nonsufficient Funds Check

A check that cannot be processed due to insufficient funds in the account it is drawn against.

Patients under 30 Days

Refers to neonates or newborns who are within their first month of life, a period which requires specialized medical care due to their developing systems and unique health needs.