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USCPA学习笔记REG--Tax Credits

来源：高顿网校 2014-10-28

　　A. Tax Credits in General

　　注释：对于tax credit是否可返还（refund or not）需要记忆。

　　1. Personal Tax Credits：nonrefundable

　　Personal tax credits mayreduce personal tax liability to zero，but they may not result in a cash refund. Personal taxcredits include：

　　注释：Personal tax credits可以把应纳税额减少至0，但是不可以产生任何退税。

　　a. Child and dependent carecredit

　　b. Elderly and permanentlydisabled credit

　　c. Education credits

　　（1）Lifetime learning credit

　　（2）American opportunity credit

　　d. Adoption credit

　　e. Retirement savingscontribution credit

　　f. Foreign tax credit

　　g. General business credit

　　2. Refundable Credits： Refund

　　Refundable credits aresubtracted from income tax liability. They may result in a cash refund when thecredit exceeds tax liability owed even if no tax is withheld from wages.

　　注释：Refundable credits是可以从应纳税额中进行抵减的。如果Refundable credits大于应纳税额，就会会产生退税。以下5种Refundable credits需要记忆。

　　a. Child tax credit（refund is limited）

　　b. Earned Income credit

　　c. Withholding taxes （W-2）

　　d. Excess SocialSecurity paid

　　e. Long-Term Unused MinimumTax Credit

　　B. Child and Dependent CareCredit

　　A tax credit of 20% to 35% ofeligible expenditures：

　 2013 Maximum Expenditures

　　One dependent: $3,000

　　Two or more dependents: $6,000

　　1. Eligible People（Kids）

　　a. A qualifying child，under age 13，for whom an exemption may beclaimed.

　　b. Any disabled dependent

　　c. A spouse who is disabledand not able to take care of himself or herself

　　2. Eligible Expenses

　　Eligible expenditures must befor the purpose of enabling the taxpayer to be gain employed（i.e.，allowing that person to work orlook for work）。

　　a. Babysitter

　　b. Nursery School

　　c. Day Care

　　3. Credit Computation：Minimum 20%

　　C. Credit for the Elderlyand/or Permanently Disabled

　　1. Eligibility

　　This credit of 15% of eligibleincome is available to individuals who are：

　　a. 65 years of age or older or

　　b. Under 65 and retired due topermanent disability.

　　注释：满足这类credit的条件是大于65岁或者由于永久性残疾而退休。

　　C. Credit for the Elderlyand/or Permanently Disabled

　　1. Eligibility

　　This credit of 15% of eligibleincome is available to individuals who are：

　　a. 65 years of age or older or

　　b. Under 65 and retired due topermanent disability.

　　注释：满足这类credit的条件是大于65岁或者由于永久性残疾而退休。

　　D. Education Tax Incentives

　　Assuming the requirements aremet，a taxpayer has the opportunityto reduce and/or avoid taxes by taking advantage of the American OpportunityCredit， the Lifetime Learning Credit， and/or a non-taxabledistribution from a Coverdell Education Savings Account used to pay highereducation costs.

　　1. The American OpportunityCredit

　　The American OpportunityCredit（a modification of the HopeScholarship Credit）is available against federal income taxes for qualifiedtuition，fees，and course materials（including books）paid for a student's first fouryears of post secondary（college）education at an eligible educational institution.

　　a. The credit is equal to （maximum credit of $2，500 in 2013）：

　　（1） 100% of the first $2，000 in 2013 of qualified expenses， plus

　　（2） 25% of the next $2，000 in 2013 of expenses paid duringthe year.

　　b. The qualified expenses areon a “per student” basis and must be incurred on behalf of the：

　　（1） Taxpayer，

　　（2） Taxpayer's spouse， or

　　c. For 2013，the credit phase out begins withmodified AGI exceeding $80，000（$160，000 on a joint return），with full phase out at $90，000（$180，000 joint）。

　　2. The Lifetime LearningCredit

　　The Lifetime Learning Creditis available for an unlimited number of years for qualified tuition and relatedexpenses（except books） at eligible educational institutions.

　　a. The credit is equal to 20%of qualified expenses up to $10，000.

　　b. For 2013， the credit phase out begins withmodified AGI exceeding $53，000（$107，000 on a joint return），with full phase out at $63，000 （$127，000 joint）。

　　E. Adoption Credit

　　A credit for qualifyingexpenses of adopting a child is available.

　　1. Limit （disregarding potentialemployer-provided benefits， which are beyond the scope of the exam）

　　 2013

　　Per child: $12,970

　　Special needs child: $12,970

　　2. Phase-out

　　The credit is phased out formodified adjusted gross income between：$194，580 - $234，580

　　3. Eligible Expenses

　　a. All reasonable andnecessary expenses，costs，and fees are available for the credit.

　　b. The credit is not availablefor adopting the child of a spouse or for a surrogate parenting arrangement.

　　c. Medical expenses do notqualify as eligible expenses.

　　注释：Medicalexpenses是不符合条件的开销。

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　　报考指南：2014年USCPA报考指南
　　考前冲刺：USCPA 考试试题考试辅导
　　高清网课：USCPA网络课程

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