Question

1) For 2018, what is the gross income filing requirement for a married couple, where one is age 64 and the other is age 65, using the married filing jointly status?

a) $18,000

b) $24,000

c) $25,300

d) $26,600

2) The maximum amount a taxpayer may claim for the lifetime learning credit is:

a) $2,500 per qualifying student.

b) $2,500 per return.

c) $2,000 per qualifying student.

d) $2,000 per return.

Answer 1

1.) Option C is correct i.e.$25,300

Reason :- if both spouse are under 65, then the gross income requirements is $24,000.

If one spouse is 65 or more, then gross income requirements is $25,300

If both spouse are 65 or above, then gross income tax is $26,600.

2.) Option D is correct i.e. $2,000 per return.

Reason:- Lifetime learning credit is allowed maximum of $2,000 in a year and no restrictions on number of years.