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Problem 6-20 (Algorithmic) Education Tax Credits (LO 6.5) Janie graduates from high school in 2017 and...

Problem 6-20 (Algorithmic) Education Tax Credits (LO 6.5) Janie graduates from high school in 2017 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,350 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $165,800, what is the American Opportunity tax credit they can claim for Janie?

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Answer #1

Maximum available credit is = 2000 * 100% + (8350-2000) * 25% = 3,587.50

Form 8863 lines are given below to calculate the amont of credit:

F8863 Education credits Amount Amount
1 AOTC credit              3,588
2 Filing status         180,000
3 AGI         165,800
4 2 less 3           14,200
5 Division by           20,000
6 result factor             0.710
7 1 multiply 6 is the credit 2,547.13

Amount of credit is 2,547.13

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