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Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his
Jason's job is going great, and this past year he decided to work part-time so that he could go to school full- time for his master's degree. Jason went to a highly ranked school, and tuition and fees were $15,200 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Jason is filing his tax return. His total income and benefits are as follows: Wages $28,400 (as reported on his W-2) Employer-provided tuition assistance $4,880 Scholarship $2,020 Student loan proceeds $4,880 In addition to tuition, Jason had the following expenditures: $100 Student loan interest $1,080 (as reported to Jason by his lender on Form 1098-E) Books $860 Rent $8,340 Federal income taxes withheld $4,000 (as reported on his W-2) It is now time for Jason to complete his tax return. Jason is single and is 26 years old. What is Jason's filing status and standard deduction amount for the tax year? (Round answers to O decimal place, e.g. 5275.) and standard deduction amount is $ Jason's filing status i: married filing jointly head of household single married filing separate eTextbook and Move Uru Which of the following income items, and what amount, are reported on Jason's Form 1040 tax return? (Round answers to O decimal place, e.g. 5275.) Inclusion/Exclusion Amount 1. Wages. 2. Employer-provided tuition assistance. 3. Scholarship. 4. Student loan proceeds. included in gross income excluded from gross income What education tax credits is Jason eligible to claim? (Round answers to O decimal place, e.g. 5275.) Jason is eligible to clain Lifetime Learning tax credit eTextbook and Me.. American Opportunity Credit For each of the following expenses, indicate whether Jason can claim a deduction and, if so, the amount of the deduction. (Round answers to O decimal place, e.g. 5275.) Deduction Amount of Deduction 1. Student loan interest paid. " 2 Books. " 3. Rent " can claim deduction cannot claim deduction e Textbook and Media Calculate Jason's tax liability using Form 1040. Be sure to account for federal income taxes withheld. (Round answers to 2 decimal places, e.g. 52.75.) Jason's tax liability is $
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