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 uncle Devin sent $800 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $168,000. What is the amount of qualifying expenses for purposes of the American opportunity tax credit (AOTC) in tax year 2018? What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI?
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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...
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...
1. Jermaine and Kesha are married, file a joint tax return, have AGI of S82,500, and...
1. Jermaine and Kesha are married, file a joint tax return, have AGI of S82,500, and have two children. Devona is beginning her freshman year at State University during Fall 2018, and Arethia is beginning her senior year at Northeast University during Fall 2018 after having completed her junior year during the spring of that year. Both Devona and Arethia are claimed as dependents on their parents' tax retum. Devona's qualifying tuition expenses and fees total $4,000 for the fall...
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...
Walt and deloris, who file a joint return, have two dependent children, bill and Tiffany. Bill...
Walt and deloris, who file a joint return, have two dependent
children, bill and Tiffany. Bill is a freshman at state university,
and Tiffany is working on her graduate degree. The couple pid
qualified expenses of $2,000 for Bill (who is a half-time student)
and $7,300 for Tiffany.
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple...
12) Sam paid the following expenses during October 2017 for his son Aaron's spring 2018 college...
12) Sam paid the following expenses during October 2017 for his son Aaron's spring 2018 college expenses: Spring 2018 semester begins in January 2018: Tuition Housing Meal plan 18,000 8,000 3,500 In addition, Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college. Aaron is claimed as Sam's dependent on his tax return. How much of the paid expenses qualify A) $0. for purposes of the education credit deduction for Sam in 2017? B) $20,000....
Problem 13-36 (LO. 4, 8) Jenna, a longtime client of yours, is an architect and president...
Problem 13-36 (LO. 4, 8) Jenna, a longtime client of yours, is an architect and president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2019, Jenna spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Jenna's daughter, Caitlin, is a senior majoring in engineering at the...
Linda and Richard are married and file a joint return for 2018. During the year, Linda,...
Linda and Richard are married and file a joint return for 2018. During the year, Linda, who works as arn accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk Under a tuition reduction...
Jenna, a longtime client of yours, is an architect and president of the local Rotary chapter. To keep up to date with t...
Jenna, a longtime client of yours, is an architect and president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2019, Jenna spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Jenna's daughter, Caitlin, is a senior majoring in engineering at the University of the Midwest. During...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. •...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
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...
1. Jermaine and Kesha are married, file a joint tax return, have AGI of S82,500, and have two children. Devona is beginning her freshman year at State University during Fall 2018, and Arethia is beginning her senior year at Northeast University during Fall 2018 after having completed her junior year during the spring of that year. Both Devona and Arethia are claimed as dependents on their parents' tax retum. Devona's qualifying tuition expenses and fees total $4,000 for the fall...
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...
Walt and deloris, who file a joint return, have two dependent
children, bill and Tiffany. Bill is a freshman at state university,
and Tiffany is working on her graduate degree. The couple pid
qualified expenses of $2,000 for Bill (who is a half-time student)
and $7,300 for Tiffany.
Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple...
12) Sam paid the following expenses during October 2017 for his son Aaron's spring 2018 college expenses: Spring 2018 semester begins in January 2018: Tuition Housing Meal plan 18,000 8,000 3,500 In addition, Aaron's uncle paid $500 for college fees on behalf of Aaron directly to the college. Aaron is claimed as Sam's dependent on his tax return. How much of the paid expenses qualify A) $0. for purposes of the education credit deduction for Sam in 2017? B) $20,000....
Problem 13-36 (LO. 4, 8) Jenna, a longtime client of yours, is an architect and president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2019, Jenna spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Jenna's daughter, Caitlin, is a senior majoring in engineering at the...
Linda and Richard are married and file a joint return for 2018. During the year, Linda, who works as arn accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk Under a tuition reduction...
Jenna, a longtime client of yours, is an architect and president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. During 2019, Jenna spends $2,000 on course tuition to attend such seminars. She also spends another $400 on architecture books during the year. Jenna's daughter, Caitlin, is a senior majoring in engineering at the University of the Midwest. During...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
Charles and Joan Thompson file a joint return. In 2018, they had taxable income of $92,370 and paid tax of $12,202. Charles is an advertising executive, and Joan is a college professor. During the fall 2019 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2019. They expect their 2019 tax liability will be $8,015, which will be the approximate amount of their withholding. Joan anticipates...
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