Janie graduates from high school in 2018 and enrolls in college in the fall. Her parents...
Janie graduates from high school in 2018 and enrolls in college in the fall. Her parents (who file a joint return) pay $12,475 for her tuition and fees.
If required, round your computations to the nearest whole value.
a. Assuming Janie's parents have AGI of
$175,400, what is the American Opportunity tax credit they can
claim for Janie?
$
b. Assuming Janie's parents have AGI of
$70,160, what is the American Opportunity tax credit they can claim
for Janie?
$
Homework Answers
a. Janie's total american tax credit will be [(100% of $ 2000 plus 25% of $ 10,475) or $2,500]. i.e. total credit = $ 2500
Because her parents have AGI over $160,000 but below $180,000 the credit is phased out partially: the credit is reduced by the following amount $2,500 x ($175,400 - $160,000)/$20,000 = $1,925. Therefore, the credit is $2,500 - $1,925= $575
b. Janie's total american tax credit will be [100% of $ 2000 plus 25% of $ 10,475, or $2,500. i.e. total credit = $ 2500
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Janie graduates from high school in 2018 and enrolls in college
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