Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One complete question for 2020 please explain! Return to question Problem 9-52 (LO 9-3) Walt and Deloris, who file a joint return, have two dependent

One complete question for 2020 please explain! image text in transcribed
image text in transcribed
image text in transcribed
Return to question Problem 9-52 (LO 9-3) Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany Bill is a freshman at State University, and Tiffany is working on her graduate degree. The couple paid qualified expenses of $3.800 for Bill(who is a half-time student) and 56,800 for Tiffany Required: a. What education tax credits are available if Walt and Deloris report modified AGI of $121,800? b. What education tax credits are available if Walt and Deloris report modified AGI of $121,800 and Tiffany is taking one class a semester is less than a half-time student) and not taking classes in a degree program? Answer is complete but not entirely correct. Complete this question by entering your answer in the tabs below. Required a Required What education tax credits are available if Walt and Deloris report modified AGI of $121,800? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Dependent Type of Credit Amount of Credit $ 2.475 AOTC BHI Answer is complete but not entirely correct. Complete this question by entering your answer in the tabs below. Required a Required b What education tax credits are available if Walt and Deloris report modified AGI of $121,800? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Dependent Amount of Credit BHI s Type of Credit AOTC Lifetime learning credit $ 2,475 1,560 4,035 Tiffany Total $ RO Required b > Answer is complete but not entirely correct. Complete this question by entering your answer in the tabs below. Required a Required b What education tax credits are available if Walt and Deloris report modified AGI of $121,800 and Tiffany is taking one class a semester (is less than a half-time student) and not taking classes in a degree program? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Dependent Bill Tiffany Amount of Credit Type of Credit $ 1,264 AOTC $ 1,264 AOTC $ 2,528 Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

11th Edition

978-0132568968, 9780132568968

Students also viewed these Accounting questions