Question

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?

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

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 $8,475 for her
tuition and fees. If required, round your computations to the
nearest whole value.
a. Assuming Janie's parents have AGI of $177,000, what is the
American Opportunity tax credit they can claim for Janie? $
b. Assuming Janie's parents have AGI of $70,800, what is the
American Opportunity...

Janie graduates from high school in 2019 and enrolls in college
in the fall. Her parents (who file a joint return) pay $10,850 for
her tuition and fees.
If required, round your computations to the nearest
whole value.
a. Assuming Janie's parents have AGI of
$167,200, what is the American Opportunity tax credit they can
claim for Janie?
$
b. Assuming Janie's parents have AGI of
$66,880, what is the American Opportunity tax credit they can claim
for Janie?
$

Janie graduates from high school in 2018 and enrolls in college
in the fall. Her parents (who file a joint return) pay $14,725 for
her tuition and fees.
If required, round your computations to the nearest
whole value.
a. Assuming Janie's parents have AGI of
$177,800, what is the American Opportunity tax credit they can
claim for Janie?
$
Feedback
b. Assuming Janie's parents have AGI of
$71,120, what is the American Opportunity tax credit they can claim
for Janie?...

Janie graduates from high school in 2019 and enrolls in college
in the fall. Her parents (who file a joint return) pay $12,600 for
her tuition and fees.
If required, round your computations to the nearest
whole value.
a. Assuming Janie's parents have AGI of
$162,800, what is the American Opportunity tax credit they can
claim for Janie?
$
Feedback
b. Assuming Janie's parents have AGI of
$65,120, what is the American Opportunity tax credit they can claim
for Janie?...

anie graduates from high school in 2017 and enrolls in college
in the fall. Her parents (who file a joint return) pay $10,225 for
her tuition and fees. If required, round your computations to the
nearest whole value. a. Assuming Janie's parents have AGI of
$165,000, what is the American Opportunity tax credit they can
claim for Janie? $ b. Assuming Janie's parents have AGI of $66,000,
what is the American Opportunity tax credit they can claim for
Janie? $

1. The child tax credit for a married couple with two dependent
children (ages 6 and 9) and AGI of $121,600 is: $0. $600. $1,400.
$4,000. none of the above.
2.
A married couple files a joint return. During 2018 they pay
college tuition and fees for their two dependent children. The
couple has calculated their American opportunity credit to be
$2,300. If the couple's AGI is $112,000, and other tax credits have
brought their tax liability down to $0,...

1. Phil’s father, who died on January 10, 2019. had owned stock
for 20 years with a basis of $45,000 that was transferred to Phil
as a gift on August 10, 2018, when the stock was worth $430,000.
Phil's father had paid no gift taxes. This stock was worth $566,000
at the date of the father’s death. Phil sold the stock for $545,000
net of commissions on February 23, 2019.
What is the amount of Phil’s gain or loss from...

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....

Lance H. and Wanda B. Dean are married and live at 431 Yucca
Drive, Santa Fe, NM 87501. Lance works for the convention bureau of
the local Chamber of Commerce, while Wanda is employed part-time as
a paralegal for a law firm.
During 2016, the Deans had the following receipts:
Salaries ($60,000 for Lance, $41,000 for Wanda)
$101,000
Interest income—
City of Albuquerque general purpose
bonds
$1,000
Ford Motor company bonds
1,100
Ally Bank certificate of deposit
400
2,500
Child...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 1 minute ago

asked 2 minutes ago

asked 3 minutes ago

asked 3 minutes ago

asked 3 minutes ago

asked 5 minutes ago

asked 6 minutes ago

asked 6 minutes ago

asked 9 minutes ago

asked 9 minutes ago

asked 10 minutes ago

asked 12 minutes ago