Lou and Stella North are married, file a joint return, and have two dependent children in college,
Question:
Lou and Stella North are married, file a joint return, and have two dependent children in college, Phil and Jaci. Both attend State University, and neither receives any type of financial assistance. The North's modified AGI in 2013 is $112,000. The children's classifications and expenses are as follows:
a. Compute any education credits that the Norths may claim in 2013.
b. How would your answer in Part a change if Phil received an academic scholarship of $3,000 (excluded from gross income) for each semester in 2013?
c. How would your answer in Part a change if Lou and Stella's modified AGI for 2013 was $175,000?
d. How would your answer in Part a change if Phil had been a junior during Spring semester 2013 and a senior during Fall semester 2013?
Step by Step Answer:
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson