Question

Matthew graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $14,225 for her tuition and fees.

**If required, round your computations to the nearest
whole value.**

**a.** Assuming Matthew's parents have AGI of
$164,800, what is the American Opportunity tax credit they can
claim for Matthew?

$

**b.** Assuming Matthew's parents have AGI of
$65,920, what is the American Opportunity tax credit they can claim
for Matthew?

Answer #1

Amarican opportunity tax credit provides a tax benefit for the person's payaing the education exepenses towards the qualifying education of self, or spouse or other dependent person claiming in the tax return. It can give an annual credit up to 2500dollars per eligible student. Along with that, if the credit brings the tax liability zero, then you will get a refund of 40%of the remaining amount limited to 1000dollars.

Qualifying education are

- Be pursuing a degree or other recognized education credential
- Be enrolled at least half time for at least one academic period* beginning in the tax year
- Not have finished the first four years of higher education at the beginning of the tax year
- Not have claimed the AOTC or the former Hope credit for more than four tax years
- Not have a felony drug conviction at the end of the tax year

If the income of the parents who is jointly filing the return is less than 160000dollars, they will get a reduced amount of credit .

a)since the agi is more than 160000 they won't get full amount deduction but a reduced amount.

B) since the agi is only 65920., They are eligible to deduct 100%of first 2000dollars spend and 25%of next 2000dollars.. so they will get a tax credit of 2500dollars. Also if there is no tax liability for the parents, then they are eligible for refund of an amount of 1000dollars

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 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? $

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?...

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...

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?

In 2019, Elaine paid $2,000 of tuition and $680 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
A. Elaine’s AGI is $103,000.
American opportunity tax credit

In 2019, Elaine paid $2,920 of tuition and $840 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
a. Elaine’s AGI is $90,750.

In 2017, Elaine paid $2,800 of tuition and $640 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband. What is the
maximum American opportunity credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations?
a. what is Elaine AGI at $83,200.
b. what is Elaine AGI at $166,000

In 2017, Elaine paid $2,800 of tuition and $600 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Leave no answer blank. Enter zero
if applicable.)
b. Elaine’s AGI is $168,000.
c. Elaine’s AGI is $184,000.

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