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Debra is a junior at State College. To offset the cost of attending college full-time, Debra has a part-time job. During the tax year,
Debra is a junior at State College. To offset the cost of attending college full-time, Debra has a part-time job. During the tax year, Debra earned $8,000. Her parents also provide some support for her and claim her on their tax return. During the tax year, Debra paid $2,780 of her tuition bill and her parents paid $2,780. Debra also paid for her own books, which cost $460. Her parents helped her by paying part of her rent and grocery bill. After reading about refundable tax credits, Debra realized that she, or her parents, were eligible to claim the American Opportunity Credit. What is Debra's filing status, standard deduction amount, and taxable income for the year? Remember that she is claimed on her parents' tax return. (Round answers to 0 decimal place, e.g. 5275.) Debra's filing status i: single married Standard deduction amount is $ Taxable income for the year is $ How much tax will be assessed to Debra based on her taxable income calculated in the previous question? (Round answers to 0 decimal place, e.g. 5275.) Based on her taxable income, the amount of tax payable is $ eTextbook and Media If Debra were to be able to claim the American Opportunity Credit, how much would the refundable and non refundable portions of the credit total? Can Debra claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra eTe. can cannot claim the American Opportunity Credit. .d Media If Debra's parents were to be able to claim the American Opportunity Credit, how much would the refundable and nonrefundable portions of the credit total? Assume that Debra's parents have an assessed tax of $4,830. Can Debra's parents claim the American Opportunity Credit? (Round answers to 0 decimal place, e.g. 5275.) Refundable portion of credit total is $ Non-refundable portion of credit total is $ Debra's parents can cannot eTextbook ... claim the American Opportunity Credit.
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