Tax Credits (2025) - Tax Quiz | Rate My Tax Accountant

Question 1 of 25

How much is the Child Tax Credit worth per qualifying child for the 2025 tax year?

$1,000 $2,000 $2,200 $3,600

Question 2 of 25

What is the maximum refundable portion of the Child Tax Credit per qualifying child for 2025?

$1,700 $2,200 $500 $1,000

Question 3 of 25

To claim the Child Tax Credit, a qualifying child must be under what age at the end of the tax year?

Under 13 Under 17 Under 19 Under 24

Question 4 of 25

What identification number must a qualifying child have for the taxpayer to claim the Child Tax Credit?

A Social Security number valid for employment An Individual Taxpayer Identification Number (ITIN) A driver's license number A passport number

Question 5 of 25

At what income level does the Child Tax Credit begin to phase out for a married couple filing jointly?

$200,000 $400,000 $150,000 $75,000

Question 6 of 25

What is the Credit for Other Dependents worth per qualifying dependent?

$500 $1,000 $2,000 $2,200

Question 7 of 25

Is the Credit for Other Dependents refundable or nonrefundable?

Fully refundable Nonrefundable Partially refundable up to 40 percent Refundable only for taxpayers over 65

Question 8 of 25

Which of these dependents would typically qualify a taxpayer for the Credit for Other Dependents rather than the Child Tax Credit?

A 5-year-old son with a valid SSN A newborn daughter with a valid SSN A dependent parent the taxpayer supports A 10-year-old foster child with a valid SSN

Question 9 of 25

What best describes a refundable tax credit?

It can produce a refund even if it exceeds the tax you owe It can only reduce your tax to zero It must be repaid in a future year It only applies to business taxes

Question 10 of 25

What happens to the excess of a nonrefundable credit that is larger than your tax liability?

It is refunded to you It is not refunded to you It is always carried forward indefinitely It is paid out as EITC

Question 11 of 25

Which credit is widely known as a benefit for low- to moderate-income working individuals and families?

Earned Income Tax Credit Lifetime Learning Credit Saver's Credit Adoption Credit

Question 12 of 25

Is the Earned Income Tax Credit refundable or nonrefundable?

Refundable Nonrefundable Refundable only with three or more children Nonrefundable for single filers

Question 13 of 25

To claim the EITC with no qualifying children for 2025, a taxpayer must generally be at least what age but under 65 at year end?

18 21 25 30

Question 14 of 25

What is the maximum EITC for a taxpayer with three or more qualifying children for the 2025 tax year?

$6,960 $7,430 $8,046 $8,231

Question 15 of 25

Which of these is a basic requirement to claim the Earned Income Tax Credit?

Having a valid Social Security number Owning a home Being over age 65 Itemizing your deductions

Question 16 of 25

For 2025, what is the maximum amount of investment income a taxpayer can have and still qualify for the EITC?

$3,650 $11,950 $25,000 No limit applies

Question 17 of 25

What is the purpose of the Child and Dependent Care Credit?

To offset the cost of care so you can work or look for work To pay for a dependent's college tuition To reduce property taxes on a family home To reimburse medical insurance premiums

Question 18 of 25

What is the maximum percentage of qualifying expenses that the Child and Dependent Care Credit can equal?

20 percent 35 percent 50 percent 100 percent

Question 19 of 25

What is the maximum amount of care expenses that can be used to figure the Child and Dependent Care Credit for two or more qualifying persons?

$3,000 $6,000 $8,000 $16,000

Question 20 of 25

Which form is used to claim the Child and Dependent Care Credit?

Form 8863 Form 2441 Form 8880 Schedule 8812

Question 21 of 25

For how many years of higher education can the American Opportunity Tax Credit be claimed for an eligible student?

The first 4 years The first 2 years Any single year An unlimited number of years

Question 22 of 25

What is the maximum American Opportunity Tax Credit per eligible student per year?

$1,000 $2,000 $2,500 $4,000

Question 23 of 25

If the American Opportunity Tax Credit reduces your tax to zero, what portion of the remaining credit can be refunded to you?

0 percent 20 percent 40 percent 100 percent

Question 24 of 25

What is the maximum Lifetime Learning Credit a taxpayer can claim per return?

$2,000 $2,500 $4,000 $10,000

Question 25 of 25

Which credit rewards eligible lower-income taxpayers for contributing to a retirement account such as an IRA or 401(k)?

The Saver's Credit The Lifetime Learning Credit The Child Tax Credit The Premium Tax Credit