Han and Leah Solo sent their son, Luke, to the University of Alderaan, where he completed his
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Question:
Han and Leah Solo sent their son, Luke, to the University of Alderaan, where he completed his first year. Luke spent $8,050 on tuition and books but received a scholarship for $5,000.
The Solo family files MFJ and their MAGI = $168,500 and would like to use the AOTC credit for tax purposes.
Assume that Alderaan University and all expenses are qualified. Luke does not have a drug conviction.
- What is their AOTC Credit?
- What is the Non-Refundable portion
- How much is Refundable?
Round up or down to the nearest dollar. Do not use commas or cents.
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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