Question

[The following information applies to the questions displayed below.] In 2020, Laureen is currently single. She...

[The following information applies to the questions displayed below.]

In 2020, Laureen is currently single. She paid $2,720 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,720 each for a total of $5,440). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,910 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,410 for herself to attend seminars at a community college to help her improve her job skills. (Leave no answer blank. Enter zero if applicable.)

c. Laureen’s AGI is $45,000 and Laureen paid $12,420 (not $1,910) for Ryan to attend graduate school (i.e., his fifth year, not his junior year).

American opportunity tax credit =

Lifetime learning credit =

     

Homework Answers

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
In 2019, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for...
In 2019, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,800 each for a total of $5,600). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,900 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,200 for herself to attend seminars at a community college...
In 2020, Laureen is currently single. She paid $2,400 of qualified tuition and related expenses for...
In 2020, Laureen is currently single. She paid $2,400 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,400 each for a total of $4,800). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,750 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,250 for herself to attend seminars at a community college...
In 2018, Laureen is currently single. She paid $2,600 of qualified tuition and related expenses for...
In 2018, Laureen is currently single. She paid $2,600 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,600 each for a total of $5,200). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,850 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,350 for herself to attend seminars at a community college...
Required information Skip to question [The following information applies to the questions displayed below.] Trey has...
Required information Skip to question [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $424,200. Amount of child tax credit: c. His AGI is $428,200, and his daughters are ages 10 and...
1. The following information applies to the questions displayed below.] Lionel is an unmarried law student...
1. The following information applies to the questions displayed below.] Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $27,500 from County Bank and paid interest of $1,650. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) a. Lionel's AGI before...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return. Jack received $172,500 of salary, and paid $5,000 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,300 and $28,300 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return. Jack received $177,600 of salary, and paid $7,200 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $5,250 and $28,500 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is...
[The following information applies to the questions displayed below.] This year Jack intends to file a...
[The following information applies to the questions displayed below.] This year Jack intends to file a married-joint return. Jack received $174,000 of salary, and paid $9,900 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid moving expenses of $4,900 and $32,400 of alimony to his ex-wife, Diane, who divorced him in 2012. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) a. What is...
Required information [The following information applies to the questions displayed below.] Indicate the amount (if any)...
Required information [The following information applies to the questions displayed below.] Indicate the amount (if any) that Josh can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) a. Josh borrowed $87,500 from First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, Josh paid interest of $8,800 on the borrowed funds,...
1. Phil’s father, who died on January 10, 2019. had owned stock for 20 years with...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT