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Part 1 - Scenario 3 Review the following scenario. Use the information provided to answer questions about the taxpayers' 2020 return. Jake (27) and Nicole (26) Graham are married and filing a joint return, Jake was employed full-time during the year. Nicole worked part- time, and she was also a full-time student at State University. During the year, she paid $3,800 in tuition and fees, substantiated with Form 1098-T. She did not receive any scholarships during the year. Nicole meets all the requirements to qualify for the American Opportunity Tax Credit 2 The couple's adjusted gross income is $47,000. Their tax on line 16 and on line 18 of their Form 1040 is $2,272. They had no additional st by taxes, To assist you in answering questions about the couple's tax benefits for education, you may refer to the partially completed Credit Limit d Worksheet, which is shown below. vet 2020 Form 8863 Credit Limit Worksheet - Line 19 1. Enter the amount from Form 8863, line 18 edi 2. Enter the amount from Form 8863, line 9. 3. Add lines 1 and 2 4. Enter the amount from Form 1040 or 1040-SR, line 18. $2,272 fro 5. Enter the total of your credits from Schedule 3 (Form 1040), lines 1 and 2, and the amount from Schedule R. line 22. $0 fro 6. Subtract line 5 from line 4. $2,272 7. Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 fro Question 6 of 50. Assuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below. 8 FOTO00 2 (American Opportunity and Lifetime Learning Credits) 2020 Attach to form 1040 1000 SA Allah De IN Go to www.in.gov. Format for Instructions and the latest Information Beguence No. 50 Nare shown onrum Your social security number JAKE AND NICOLE GRAHAM XXX-XX-XXXX Complete a separate Parti on page 2 for each student for whom you'ro clalming other credit before you complete Parts I and IL CAUTION Part 1 Refundable American Opportunity Credit Aher completing part in for each student enter the lots of amounts from al Partine 30 Er $100.000 dingitys0.000 ng tao household. or qualifying widower) 180,000 the wount rom for 1040 of 1040-5. 11. young Form 25550, or you're excluding income from Puerto Rico Pb 070 for the amount to 47.000 4 Subtracting from ine 2.0 or last stops you can't take my education credit 133,000 the 20.000 i married linggry, 510.000 unge end of household orging widower) 20,000 ines .Et or more than Inesenter 1.000 on line .than in divide in 4 by in Ethelrounded to 1.0000 of the place 7. Mini byline.Caution you were under age 24 and of the year and the conditions described in the instructions you can't take the refundable American opportunity Creatine enter the amount from line 7 online and check box 0 7 Refundable American opportunity credit Mumaline by 0 (0.40). Enter the authored on Form 1040 1040-520. Then go to below . Partil Nonrefundable Education Credits Surat in romine 7. Erre here and online of the Credit Um Worksheetruction D 10 Alor completing Parts for each den enter the total of our from al Parts , in 1 2000, pe 11 through 17 enteronine 18 and go to ine 19 11 the water of line 10 or $10.000 91 12 Miny11 by 2020 12 196.000 married filling inson 000 single hood hold or quality widower) 14 Enter the amount from Form 1040 of 1040- Snell your fing Fom 2000r00), of your ching income from Porto Rico Pub 970 to Pettore 14 18 19 100 pie 16 and 17.0 15 16 1000f marted in 10.000 single ad hood, 16 17 1.000 on and nea Doud 1 0 10 10 10 Crew Worsh of C CE For Paperworth POR 2001 10 return Form 686 JE OOOO $228 1980 $1.000 52.450 Part 1 - Scenario 3 Review the following scenario. Use the information provided to answer questions about the taxpayers' 2020 return. Jake (27) and Nicole (26) Graham are married and filing a joint return, Jake was employed full-time during the year. Nicole worked part- time, and she was also a full-time student at State University. During the year, she paid $3,800 in tuition and fees, substantiated with Form 1098-T. She did not receive any scholarships during the year. Nicole meets all the requirements to qualify for the American Opportunity Tax Credit 2 The couple's adjusted gross income is $47,000. Their tax on line 16 and on line 18 of their Form 1040 is $2,272. They had no additional st by taxes, To assist you in answering questions about the couple's tax benefits for education, you may refer to the partially completed Credit Limit d Worksheet, which is shown below. vet 2020 Form 8863 Credit Limit Worksheet - Line 19 1. Enter the amount from Form 8863, line 18 edi 2. Enter the amount from Form 8863, line 9. 3. Add lines 1 and 2 4. Enter the amount from Form 1040 or 1040-SR, line 18. $2,272 fro 5. Enter the total of your credits from Schedule 3 (Form 1040), lines 1 and 2, and the amount from Schedule R. line 22. $0 fro 6. Subtract line 5 from line 4. $2,272 7. Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 fro Question 6 of 50. Assuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below. 8 FOTO00 2 (American Opportunity and Lifetime Learning Credits) 2020 Attach to form 1040 1000 SA Allah De IN Go to www.in.gov. Format for Instructions and the latest Information Beguence No. 50 Nare shown onrum Your social security number JAKE AND NICOLE GRAHAM XXX-XX-XXXX Complete a separate Parti on page 2 for each student for whom you'ro clalming other credit before you complete Parts I and IL CAUTION Part 1 Refundable American Opportunity Credit Aher completing part in for each student enter the lots of amounts from al Partine 30 Er $100.000 dingitys0.000 ng tao household. or qualifying widower) 180,000 the wount rom for 1040 of 1040-5. 11. young Form 25550, or you're excluding income from Puerto Rico Pb 070 for the amount to 47.000 4 Subtracting from ine 2.0 or last stops you can't take my education credit 133,000 the 20.000 i married linggry, 510.000 unge end of household orging widower) 20,000 ines .Et or more than Inesenter 1.000 on line .than in divide in 4 by in Ethelrounded to 1.0000 of the place 7. Mini byline.Caution you were under age 24 and of the year and the conditions described in the instructions you can't take the refundable American opportunity Creatine enter the amount from line 7 online and check box 0 7 Refundable American opportunity credit Mumaline by 0 (0.40). Enter the authored on Form 1040 1040-520. Then go to below . Partil Nonrefundable Education Credits Surat in romine 7. Erre here and online of the Credit Um Worksheetruction D 10 Alor completing Parts for each den enter the total of our from al Parts , in 1 2000, pe 11 through 17 enteronine 18 and go to ine 19 11 the water of line 10 or $10.000 91 12 Miny11 by 2020 12 196.000 married filling inson 000 single hood hold or quality widower) 14 Enter the amount from Form 1040 of 1040- Snell your fing Fom 2000r00), of your ching income from Porto Rico Pub 970 to Pettore 14 18 19 100 pie 16 and 17.0 15 16 1000f marted in 10.000 single ad hood, 16 17 1.000 on and nea Doud 1 0 10 10 10 Crew Worsh of C CE For Paperworth POR 2001 10 return Form 686 JE OOOO $228 1980 $1.000 52.450