Volunteer Income Tax Assistance (VITA) Certification Practice Test

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What is the amount for the credit for child and dependent care expenses on Form 2441, line 11?

$315
$331
$362
$400

The correct answer is: $331

The correct amount for the credit for child and dependent care expenses on Form 2441, line 11 is typically linked to the maximum qualifying expenses that can be used to calculate this credit, along with the applicable percentage that varies based on the taxpayer's income. For the tax year that includes data up to October 2023, the figures are adjusted for inflation and other policy changes, which means they can differ from previous years. The amount specified reflects the latest guidelines set by the IRS regarding the maximum credit available. This amount is crucial for taxpayers who have incurred qualifying expenses related to caring for children or other dependents while they work or look for work, and it ensures that families can receive financial assistance for these costs. Other amounts listed, while possible candidates for previous tax years or different contexts, do not align with the current tax information for 2023. Tax credits are updated periodically, and ensuring the most accurate figures is essential for compliance and maximizing potential tax benefits.