Homework Answers
Answer is option D $3500
maximum annual credit for American Opportunity Tax = 2500
Credit for Jane = 1000
Credit for Jill = 2500
Total allowable American Opportunity Tax credit = 3500
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Taxation Question
11) Kyle and Alyssa paid $1,000 and $2,800 in qualifying expenses for their two...
10) Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How...
10) Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits? A) $250. B) S350. C) $825. D) $1,750. 11) Kyle and Alyssa paid $1,000 and $2,800 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $135,000 and they...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security benefits. Their AGI for the year was $18,000. How much can April and Joey claim as a credit for the elderly or the disabled? A) $300. B) $1,125 C) S1,500. D) $2,000. 7) Tai and Song are ages 69 and 59, respectively, and file a joint return. They have AGI of $20,000 and received $2,000 in nontaxable social security benefits. How much can Tai...
In 2019, Elaine paid $2,800 of tuition and $600 for books for her dependent son to...
In 2019, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? a. Elaine’s AGI is $80,000. b. Elaine’s AGI is $168,000. c. Elaine’s AGI is $184,000.
in 2018, Jeremy and Celeste, who file a joint return, paid the following amounts for their...
in 2018, Jeremy and Celeste, who file a joint return, paid the
following amounts for their daughter, Alyssa, to attend the
University of Colorado during academic year 2018-2019. Alyssa was
in her first year of college and attended full-time.
Problem 9-53 (LO 9-3) In 2018, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during academic year 2018-2019. Alyssa was in her first year of college and...
In each of the following cases, certain qualifying education expenses were paid during the tax year...
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a...
could you please answer quiestion #1-2 Problem #1 Kobe is a single dad with two dependent...
could you please answer quiestion #1-2
Problem #1 Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51.000 and paid $6.300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? Problem #2 DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada Nicole is a sophomore. DJ and Nicolette's AGI...
In 2018, Jeremy and Celeste who file a joint return, paid the following amounts for their...
In 2018, Jeremy and Celeste who file a joint return, paid the following amounts for their daughter, Alyssa, to attend University of Colorado, during academic year 2018-2019. Alyssa was in her first year of college and attended full-time: Tuition and fees (for fall semester 2018) $1,950 Tuition and fees (for spring semester 2019) 1,000 Books 600 Room and board 1,200 The spring semester at University of Colorado begins in January. In addition to the above, Alyssa’s...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $1...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $12,000 for David from January through December and $3,000 for Tommy from January through June. John’s earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit? a) $15,000 b) $ 5,000 c) $ 6,000 d) $ 3,000 B. Amy is single and works part-time...
In 2020, Elaine paid $2,880 of tuition and $420 for books for her dependent son to...
In 2020, Elaine paid $2,880 of tuition and $420 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations?
a. Elaine’s AGI is $81,000.
Please show how you got your answer.
Tax Rates for Net Capital Gains and Qualified Dividends Taxable...
10) Joseph paid $1,750 in qualifying expenses for his daughter who attended a community college. How much is Joseph's lifetime learning credit without regard to AGI limitations or other credits? A) $250. B) S350. C) $825. D) $1,750. 11) Kyle and Alyssa paid $1,000 and $2,800 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $135,000 and they...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security benefits. Their AGI for the year was $18,000. How much can April and Joey claim as a credit for the elderly or the disabled? A) $300. B) $1,125 C) S1,500. D) $2,000. 7) Tai and Song are ages 69 and 59, respectively, and file a joint return. They have AGI of $20,000 and received $2,000 in nontaxable social security benefits. How much can Tai...
in 2018, Jeremy and Celeste, who file a joint return, paid the
following amounts for their daughter, Alyssa, to attend the
University of Colorado during academic year 2018-2019. Alyssa was
in her first year of college and attended full-time.
Problem 9-53 (LO 9-3) In 2018, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during academic year 2018-2019. Alyssa was in her first year of college and...
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a...
could you please answer quiestion #1-2
Problem #1 Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51.000 and paid $6.300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? Problem #2 DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada Nicole is a sophomore. DJ and Nicolette's AGI...
In 2020, Elaine paid $2,880 of tuition and $420 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations?
a. Elaine’s AGI is $81,000.
Please show how you got your answer.
Tax Rates for Net Capital Gains and Qualified Dividends Taxable...
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