Question: If an individual is not employed and has no earned income, is it possible to take a child and dependent care credit for otherwise qualifying

If an individual is not employed and has no earned income, is it possible to take a child and dependent care credit for otherwise qualifying child and dependent care expenses? Explain.

Step by Step Solution

★★★★★

3.55 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

If an individual is unemployed and has no earned income it is generally not possible ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

638-L-B-L-T-L (3171).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

George Johnson earns $5 per hour in his job as a truffle sniffer. After allowing time for all of the activities necessary for bodily upkeep, George has 80 hours per week to allocate between leisure...

Multiple Choice Questions Select the best answer choice for each of the following, and justify your selection in a brief statement. a. Which of the following is least likely to be an audit objective...

If an individual is considering selling his business to a daughter, does it make any difference to him whether that business is a proprietorship or is housed within a corporation?

If an individual is not employed and has no earned income, is it possible to take a child and dependent care credit for otherwise qualifying child and dependent care expenses? Explain. A. If an...

I:14-20 If an individual is not employed and has no earned income, is it possible to take a child and dependent care credit for otherwise qualifying child and dependent care expenses? Explain.

I: 1 4 - 2 0 If an individual is not employed and has no earned income, is it possible to take a child and dependent care credit for otherwise qualifying child and dependent care expenses? Explain.

1. Generally, under the Tax Cuts and Jobs Act, which of the following major items cannot be subtracted from gross income? A. Contributions to a traditional individual retirement arrangement (IRA) B....

9. Ernie Brooks lived and worked exclusively in California until he retired on December 31, 2020. He moved to Nevada on January 1, 2021. His former California employer pays its employees on the 5th...

2. For 2021, all of the following statements are true regarding the higher additional standard deduction under the Tax Cuts and Jobs Act except: A. The additional standard deduction for married...

3. Kevin and Jennifer are married and filing a joint tax return. They have a combined taxable income of $80,000. They have four children, whom they claim as dependents. When they file their 2021...

Your aunt promised to deposit $1935 into savings being a 10% annual compound rate (ear) on each birthday beginning on first birthday, you're now 19 and you want the money but your aunt forgot to...

How might a totalitarian government affect business activities?

11.2 What is a stressful time in an organizational environment?

87 Bank Reconciliation Study the appendix. The City of Rockport has a checking account with First Bank. The citys cash balance on February 28, 20X1, was $30,000. The deposit balance on the banks...

Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Relixs net deferred tax asset or net...

Living Spaces sells living room sets. Sofa sells for $272 per unit and has variable costs of $155 per unit. Side Table sells for $46 per unit and has variable costs of $26 per unit. Living Spaces...

During the year, the Senbet Discount Tire Company had gross sales of $1.12 million. The firms cost of goods sold and selling expenses were $531,000 and $221,000, respectively. The firm also had notes...

Use the following Unadjusted Trial Balance for Acct 201 as of July 31, 2020 to answer Questions 11 and 12 (The information is based on Problem 3-5B, page 154): ACCT 201 Co. Unadjusted Trial Balance...