Answers
Q. 27
Option B. A refundable credit reduces taxpayer's tax liability, and may even exceed the tax liability.
Explanation: Refundable tax credits are called “refundable” because they can reduce your tax liability below zero and allow you to receive a tax refund. If you qualify for a refundable credit and the amount of the credit is larger than the tax you owe, you will receive a refund for the difference.
Q.28
Option C. 40%
Explanation : Up to 40 percent of the American Opportunity Credit, an educational credit for college expenses, is refundable in the 2018 tax year.
The remaining 60 percent is nonrefundable. The refundable portion is capped at $1,000.
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