ACC-460-0500 = Homework: Topic 6 Question 9, Pl:14-50 (similar to) Part 4 of 4 Madalyn Deyoung 02/04/22 6:49 PM HW Score: 78%, 78 of 100 points > Points: 0 of 13 Save Eugene and Catherine East are married, file a joint return, and have two dependent children in college, Michael and Lexi. Michael attends a State University in a neighboring state, and Lexi attends a State University in their home state. Neither receives any type of financial assistance. The Easts' modified AGI in 2020 is $113,000. The children's classifications and expenses are as follows: (Click on the icon to view the children's 2020 information). Read the requirements. Requirement a. Compute any education credits that the Easts may claim in 2020. Compute the American Opportunity tax credit (AOTC) that the Easts may claim. (Assume that both Michael and Lexi qualify as eligible students for the American Opportunity Tax Credit. Round all amoun Michael Lexi Total credit before phaseouts Phaseout amount AOTC total Qualified Tuition and Related Expenses (QTRE) Tentative AOTC Credit $ 16,850 $ 3,650 2,500 2,413 $ 4,913 0 4.913 Requirement b. How would your answer in Part a change if Michael received an academic scholarship of $2,800 (excluded from gross income) for each semester? (Round all amounts to the nearest wh Michael Lexi Total credit before phaseouts Phaseout amount AOTC total Qualified Tuition and Tentative Related Expenses (QTRE) AOTC Credit $ 11,250 $ 3,650 2,500 2,413 4,913 4,913 Data table Spring Semester 2020 (paid in January 2020) Fall Semester 2020 (paid in July 2020) Michael: Tuition $ Senior 7,400 $ Master's candidate 7,700 Laboratory fees 400 400 Student activity fees 200 200 Course materials (books) 450 500 Room and board 3,400 3,400 Lexi: Sophomore Junior Tuition $ 1,450 $ 1,800 Student activity fees Course materials (books) Room and board 200 200 175 225 3,600 4,000 Print Done Requirement c. How would your answer in Part a change if Eugene and Catherine's modified AGI for 2020 was $174,000? (Round the AOTC phaseout to the nearest whole dollar. Complete all answer boxes. Enter a "0" if there is no credit or phaseout amount.) Qualified Tuition and Tentative Michael Lexi $ Related Expenses (QTRE) 16,850 $ AOTC Credit 3.650 2,500 2,413 Help me solve this Calculator Clear all Check answer