Question

Carl has a current tax liability of $1,250 before taking into account his American Opportunity Credit....

Carl has a current tax liability of $1,250 before taking into account his American Opportunity Credit. He paid $2,700 in qualifying expenses, was a full-time student, and was not claimed as a dependent on his parents' tax return. His AGI was $30,000. What is the amount of his American Opportunity Credit allowed, BEFORE any possible refund amount?

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Keith has a 2019 tax liability of $2,250 before taking into account his American Opportunity tax...
Keith has a 2019 tax liability of $2,250 before taking into account his American Opportunity tax credit. He paid $2,600 in qualifying expenses, was a full-time student, was not claimed as a dependent on his parents' return, and his American Opportunity tax credit was not subject to phase-out. What is the amount of his American Opportunity tax credit allowed? a. $4,000 b. $2,250 c. $2,150 d. $0 e. $2,600
each of the following is a key benefit of the American opportunity tax credit except: a)...
each of the following is a key benefit of the American opportunity tax credit except: a) it may be partially refundable:b) the maximum credit is slightly than that of the lifetime learning credit: c) qualified educational expenses include tuition and fees, room and board, and books: d) it maybe claimed both a taxpayer and a dependent on the same return
Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and...
Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and have one dependent child, Dante. The couple paid $8,760 of tuition and $9,435 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided...
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided most of his support. Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Round your final answer to the nearest whole dollar amount.) Question: Carson is 23 years old at year-end. He is a full-time student and earned $14,825 from his summer internship and part-time job. He also received $6,110 of qualified dividend income. What is Carson's Tax...
1. Lacy is a single taxpayer. In 2017, her taxable income is $47,200. What is her...
1. Lacy is a single taxpayer. In 2017, her taxable income is $47,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tax liability: ____?____ 2. In 2017, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary income marginal tax rate is 28 percent....
NOTE: All questions will be based on Tax Cuts & Jobs Act (TCJA) and tax returns...
NOTE: All questions will be based on Tax Cuts & Jobs Act (TCJA) and tax returns prepared after 2017 38) In the fall of 2016, James went back to school to earn a master of accountancy degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. James fully utilized the AOC to obtain his bachelor degree. His Lifetime Learning Credit is A) $1,000. B) $1,400. C) $1,800. D) $2,500. 39) All of the...
David Miller (age 34) and his wife, Emily Miller (age 33), reside at 293 E. Main...
David Miller (age 34) and his wife, Emily Miller (age 33), reside at 293 E. Main Street in Sterling, MA, 01564 with their two children whom they fully support: Catherine (age 13) and Michael (age 11). During the year, Emily worked full-time as a customer service representative at a local bank and earned $37,600. Her employer withheld the following from her wages: Federal income tax $2,250.00 State income tax 1,124.60 Social security tax 2,331.20 Medicare tax 545.20 ROTH IRA contribution...
For purposes of claiming the Earned Income Credit, a qualifying child could be any of the...
For purposes of claiming the Earned Income Credit, a qualifying child could be any of the following except A. Your 20-year-old unemployed child. B. Your child who is less than 19 years old. C. Your 22-year-old grandson who is a full-time student. D. Your 40-year-old permanently disabled stepson. All of the following qualify as work-related expenses for computing the child and dependent care credit except A. The parent-employer’s portion of Social Security tax paid on wages for a person to...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie...
Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie is 19 years old and is a full-time student at State University. During 2017, she completed her freshman year and one semester as a sophomore. Katie’s expenses while she was away at school during the year were as follows: Use Tax Rate Schedule for reference.     Tuition $ 5,020 Class fees 305 Books 505 Room and board 4,510 Katie received a half-tuition scholarship that...
1) Martha (53) works part-time, in addition, she is taking classes at the local university. This...
1) Martha (53) works part-time, in addition, she is taking classes at the local university. This year, Martha was enrolled in seven hours for one semester and three for another.The university considers 12 credit hours to be full time. Martha deferred $4000 of compensation through her employer's 401(k) plan. Her AGI for 2018 was $30,500. How much is Martha's Saver's Credit, assuming no tax liability limit applies? A) $0 B) $400 C)$800 D)$2,000 2) Jack and Kendra are married and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT