Question
In 2018, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during
In 2018, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during the academic year 2018-2019. Alyssa was in her first year of college and attended full-time.
| Tuition and fees (for fall semester 2018) | $1,970 |
| Tuition and fees (for spring semester 2019) | 995 |
| Books | 1,280 |
| Room and board | 1,400 |
The spring semester at the University of Colorado begins in January. In addition to the above, Alyssas uncle Devin sent $500 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $165,000.
What is the amount of qualifying expenses for purposes of the American Opportunity Tax credit (AOTC) in the tax year 2018?
What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Accounting A Managerial Emphasis
Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham
7th Canadian Edition
133138445, 978-0133926330, 133926338, 978-0133138443
