Homework Answers
Option 'c'
Reduce gross income from their returns by the amount of tuition in order to reduce their reported MAGI
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When modified adjusted gross income (MAGI) is too high to claim the Lifetime Learning tax credit...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
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...
What tax strategies will utilize to pay every penny owe to the government, and not a...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
Jason's job is going great, and this past year he decided to work part-time so that...
Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his master's degree. Jason went to a highly ranked school, and tuition and fees were $15,200 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Jason is filing his tax return. His...
Required information [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that gross income is $172...
Required information [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that gross income is $172,900 (which consists only of salary) for purposes of this problem. December 31, 2018 To the friendly student tax preparer: Hi, it’s Shady Slim again. I just got back from my 55th birthday party, and I’m told that you need some more information from me in order to complete my tax...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his master's degree. Jason went to a highly ranked school, and tuition and fees were $15,200 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Jason is filing his tax return. His...
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