Chapter 13 Canvas Assignment 351, Spring 2021 (10 Points) Herbert and Wendy are Married Filing Jointly taxpayers. During 2020, they each made $40,000 in W2 wages (total $80,000). They also have a joint investment account. The investment account reported on a 1099-DIV the payment of Ordinary dividends of $1,200 and qualified dividends of $800. In the material attached to the 1099-DIV, the documents reported that $600 of the ordinary dividends and $400 of the qualified dividends were from foreign of various sources. It also reported foreign taxes paid of $35. The couple has 3 dependents: Wyatt - 18 months old, Emily - 7 years old. And Kate - 19 years old. Kate is a Sophomore (full- time student) at UW-Whitewater. Kate's 1098T from the University shows her tuition (all paid) was $8,500 and she had a scholarship of $2,000. Kate has never had any trouble with the police. Additionally, the couple paid $4,500 for child care for Wyatt during the year. It will be helpful to review the instructions for forms 1116 and 2441 in addition to the material we covered in class. Calculate Herbert and Wendy's tax credits for the year. (SHOW YOUR WORK) Chapter 13 Canvas Assignment 351, Spring 2021 (10 Points) Herbert and Wendy are Married Filing Jointly taxpayers. During 2020, they each made $40,000 in W2 wages (total $80,000). They also have a joint investment account. The investment account reported on a 1099-DIV the payment of Ordinary dividends of $1,200 and qualified dividends of $800. In the material attached to the 1099-DIV, the documents reported that $600 of the ordinary dividends and $400 of the qualified dividends were from foreign of various sources. It also reported foreign taxes paid of $35. The couple has 3 dependents: Wyatt - 18 months old, Emily - 7 years old. And Kate - 19 years old. Kate is a Sophomore (full- time student) at UW-Whitewater. Kate's 1098T from the University shows her tuition (all paid) was $8,500 and she had a scholarship of $2,000. Kate has never had any trouble with the police. Additionally, the couple paid $4,500 for child care for Wyatt during the year. It will be helpful to review the instructions for forms 1116 and 2441 in addition to the material we covered in class. Calculate Herbert and Wendy's tax credits for the year. (SHOW YOUR WORK)