Question
ch 14 prentice halls federal taxation 2016 individuals ques 52 American Opportunity Tax Credit and Lifetime Learning Credit. Lou and Stella North are married, file
ch 14 prentice halls federal taxation 2016 individuals
ques 52 American Opportunity Tax Credit and Lifetime Learning Credit. Lou and Stella North are married, file a joint return, and have two dependent children in college, Phil and Jaci. Phil attends a State University in a neighboring state, and Jaci attends a State University in their home state. Neither receives any type of financial assistance. The Norths modified AGI in 2015 is $112,000. The childrens classifications and expenses are as follows: Spring Semester 2015 (paid in January 2015) Fall Semester 2015 (paid in July 2015) Phil: SeniorMasters candidate Tuition$7,500$8,000 Laboratory fees500500 Student activity fees100100 Course materials (books)400450 Room and board3,2003,200 Jaci: SophomoreJunior Tuition$1,600$1,750 Student activity fees100100 Course materials (books)250300 Room and board3,5003,700 a. Compute any education credits that the Norths may claim in 2015. 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 2015? c. How would your answer in Part a change if Lou and Stellas modified AGI for 2015 was $175,000? d. How would your answer in Part a change if Phil had been a junior during Spring semester 2015 and a senior during Fall semester 2015?
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