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
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.
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International Financial Reporting
Authors: Alan Melville
7th Edition
1292293128, 9781292293127
