Part 1 - Scenario 3 Review the flowing and some formation provided to questions about the payons 2020 rotum Jose and Nicole (26) Graham are mamed and fing a pint retum. Jake was employed turime during the year. Nicole woned part time, and she was no att student at State University During the year, the paid 53.800 in tutton and her substantiated win Form 1090 T She did not receive any scholarships during the yout. Nicole meets all the requirements to quality for the American Opportunity to Croat The couples adjusted gross income is 547,000. Their tax on ne 16 and on line 18 of the Form 104052.272. They had no donates To assist you in antwering question about the couple's tax benefits for evention, you may fee to the portaly completed Chat Limt Wheet, which is shown below 2020 Form 8863 Credit Worksheet - Line 19 1. Enter the amount from Form ne 18 2. Enter the amount from Formine 3 A1nd 2 4 Enter the amount from Form 1040 1040-52.272 5. the total of your credits trom Schedue 3 om 1040), tres 1 and 2, and the amount from Schedule the 22 50 6. Subtractin trom in $2.272 7. Eh the loro norine and on Form 8863, Into Question of 50 Page 2 of Nicole's partially completed Form, ducas Credit (American Opportunity Lifetime Learning Credit is shown below. Assuming they meet all the requirements. What amount son Jake and Nicole claim for the American Opportunity Tax Cred when they the 2020 retur? FOX GRAHAM XXX-XX-XXXX JAKE AND NICOLE GRAM XXX-XX-XXXX Comonte Portill for each student for when you're claiming either the American opportunity creditor feeling credit Use additional copies of page 2 as needed for CAUTION ch student Parta Studerand cationalition Information 2 SIDO) INFO XICOLE GRAHAM XX-XXXX . AN New STATE UNIVERSITY POO MODE 2 2 4400 COLLEGE BOULEVARD YOUR CITY YS XXXXX Page 2 of Nicole partially completed Form 3863, Education Credits (American Opportunity and Lifetime Leaming Credite), is shown below. Assuming they meet all the requirements, what amount can Jake and Nicole claim for the American Opportunity Tax Credit when they file thele 2020 return? GRAHAM XXX-XX-XXXX You will be VAKE AND NICOLE GRAHAM XXX-XX-XXXX each student you te opportunity creditor fetime loring credit. Use additional copies of page 2 as needed for CAUTION each student Part Student and Educational Instion Information. See 20 ROMAN 21 TO BE WOT NICOLE GRAHAM XX-XX-XXXX 2. .. Nane Net STATE UNIVERSITY Now , 13 dommerd O.o. www and code and 4400 COLLEGE BOULEVARD YOUR CITY YS XXXX orovom o form www OM I ON DAFT wwww ham HYMN 15456 SA # www. Poday Dr. More 15 Dec wy HE - Wonde yo (1) Address, Number and stor for P.O.Box, y, town or post office state, and ZIP code. If a foreign address, so instructions ves STATE UNIVERSITY (1) Address, Number and street (or PO box), city, town or post olice state and ZIP code. If a foreign address, so Struction 4400 COLLEGE BOULEVARD YOUR CITY YS XXXXX (2) Did tho studio roccio Form 1008-T from this tion for 20207 No (3) Did the student receive Form 1090-T from this lintution for 2019 with box ves . 7 checked? (4) Enter the institution's employer identification Number (EIN) you reclaiming the Arican opportunity credit or you checked Yes (2) or (3) You can get the EIN from Fonn 1000-T or from the institution XX-1234567 res res No (2) Did the student receive Form 1098-T from this inebution for 2020? (3) Crd the student receive Form 1088-T from this sition for 2019 wah box 7 checked? (4) Enter the autono crnployor donation or (EIN) you in caring ihe American opportunity creditor if you chockod Yoon (2) or (3). You can of the EIN From Forn 1098-Torfroin the sun 23 Hare Hope Scholarship Credit or American opportunity Yes - Stop! Groot boon mod for this studont for any cox YOO Go to ino al for the audant.No -- Go to ino 24. Delore 2002 24 Was the student enrolled at least half time for at least one academic porlod that bogen or strated having begun in 2020 at an eligible educationalratution in a prognding towards Yes --Go 10 line 25 No -- Stop! Go to ima posloocondary cogica, critical or oth or rocognized for this student polecondary cool credential? Soon 25 Did the student complete the first 4 years of postsecondary Yes -- Stop! education before 20207 Seeintrico Coto 10 131 for this NO -- Botoine 24 ident 26 Was the bidonk contod, bolor the end of 2020.01 Yes Stop: kolory for POS or dirbution of a controlled Go to line at borte No -- Complete 27 substance? ident through 30 for this student You can't takoto An opportunity cred and this for ning och for the same stucient in the same year you completenes 27 through 30 for this student dort come in 31 CAUTION American Opportunity Credit 27 Adjusted quod education experts eest). Don't enter more than 54,000 27 28 Subtract 2000 rolin 27. og ors, cor-0- 28 29 Multiplytine 28 by 25 10 25) 20 30 in 25 szoronto the amount 27 Ocherwiso, add $2.000 to the amount on 29 and enter the new Ship line Price the follof onts Roma Pars II, 20, un Parte 1 30 Lifetime Learning Crodit 31 Adjusted quod education comes instruction, teclado the total of 1 ounts from all Pants Lino 31. on Part 10 31 OA 20 88632 WE 1346 TAG Foon 8863 (100) $450 $1,000 $2,450 $2,500 Part 1 - Scenario 3 Review the flowing and some formation provided to questions about the payons 2020 rotum Jose and Nicole (26) Graham are mamed and fing a pint retum. Jake was employed turime during the year. Nicole woned part time, and she was no att student at State University During the year, the paid 53.800 in tutton and her substantiated win Form 1090 T She did not receive any scholarships during the yout. Nicole meets all the requirements to quality for the American Opportunity to Croat The couples adjusted gross income is 547,000. Their tax on ne 16 and on line 18 of the Form 104052.272. They had no donates To assist you in antwering question about the couple's tax benefits for evention, you may fee to the portaly completed Chat Limt Wheet, which is shown below 2020 Form 8863 Credit Worksheet - Line 19 1. Enter the amount from Form ne 18 2. Enter the amount from Formine 3 A1nd 2 4 Enter the amount from Form 1040 1040-52.272 5. the total of your credits trom Schedue 3 om 1040), tres 1 and 2, and the amount from Schedule the 22 50 6. Subtractin trom in $2.272 7. Eh the loro norine and on Form 8863, Into Question of 50 Page 2 of Nicole's partially completed Form, ducas Credit (American Opportunity Lifetime Learning Credit is shown below. Assuming they meet all the requirements. What amount son Jake and Nicole claim for the American Opportunity Tax Cred when they the 2020 retur? FOX GRAHAM XXX-XX-XXXX JAKE AND NICOLE GRAM XXX-XX-XXXX Comonte Portill for each student for when you're claiming either the American opportunity creditor feeling credit Use additional copies of page 2 as needed for CAUTION ch student Parta Studerand cationalition Information 2 SIDO) INFO XICOLE GRAHAM XX-XXXX . AN New STATE UNIVERSITY POO MODE 2 2 4400 COLLEGE BOULEVARD YOUR CITY YS XXXXX Page 2 of Nicole partially completed Form 3863, Education Credits (American Opportunity and Lifetime Leaming Credite), is shown below. Assuming they meet all the requirements, what amount can Jake and Nicole claim for the American Opportunity Tax Credit when they file thele 2020 return? GRAHAM XXX-XX-XXXX You will be VAKE AND NICOLE GRAHAM XXX-XX-XXXX each student you te opportunity creditor fetime loring credit. Use additional copies of page 2 as needed for CAUTION each student Part Student and Educational Instion Information. See 20 ROMAN 21 TO BE WOT NICOLE GRAHAM XX-XX-XXXX 2. .. Nane Net STATE UNIVERSITY Now , 13 dommerd O.o. www and code and 4400 COLLEGE BOULEVARD YOUR CITY YS XXXX orovom o form www OM I ON DAFT wwww ham HYMN 15456 SA # www. Poday Dr. More 15 Dec wy HE - Wonde yo (1) Address, Number and stor for P.O.Box, y, town or post office state, and ZIP code. If a foreign address, so instructions ves STATE UNIVERSITY (1) Address, Number and street (or PO box), city, town or post olice state and ZIP code. If a foreign address, so Struction 4400 COLLEGE BOULEVARD YOUR CITY YS XXXXX (2) Did tho studio roccio Form 1008-T from this tion for 20207 No (3) Did the student receive Form 1090-T from this lintution for 2019 with box ves . 7 checked? (4) Enter the institution's employer identification Number (EIN) you reclaiming the Arican opportunity credit or you checked Yes (2) or (3) You can get the EIN from Fonn 1000-T or from the institution XX-1234567 res res No (2) Did the student receive Form 1098-T from this inebution for 2020? (3) Crd the student receive Form 1088-T from this sition for 2019 wah box 7 checked? (4) Enter the autono crnployor donation or (EIN) you in caring ihe American opportunity creditor if you chockod Yoon (2) or (3). You can of the EIN From Forn 1098-Torfroin the sun 23 Hare Hope Scholarship Credit or American opportunity Yes - Stop! Groot boon mod for this studont for any cox YOO Go to ino al for the audant.No -- Go to ino 24. Delore 2002 24 Was the student enrolled at least half time for at least one academic porlod that bogen or strated having begun in 2020 at an eligible educationalratution in a prognding towards Yes --Go 10 line 25 No -- Stop! Go to ima posloocondary cogica, critical or oth or rocognized for this student polecondary cool credential? Soon 25 Did the student complete the first 4 years of postsecondary Yes -- Stop! education before 20207 Seeintrico Coto 10 131 for this NO -- Botoine 24 ident 26 Was the bidonk contod, bolor the end of 2020.01 Yes Stop: kolory for POS or dirbution of a controlled Go to line at borte No -- Complete 27 substance? ident through 30 for this student You can't takoto An opportunity cred and this for ning och for the same stucient in the same year you completenes 27 through 30 for this student dort come in 31 CAUTION American Opportunity Credit 27 Adjusted quod education experts eest). Don't enter more than 54,000 27 28 Subtract 2000 rolin 27. og ors, cor-0- 28 29 Multiplytine 28 by 25 10 25) 20 30 in 25 szoronto the amount 27 Ocherwiso, add $2.000 to the amount on 29 and enter the new Ship line Price the follof onts Roma Pars II, 20, un Parte 1 30 Lifetime Learning Crodit 31 Adjusted quod education comes instruction, teclado the total of 1 ounts from all Pants Lino 31. on Part 10 31 OA 20 88632 WE 1346 TAG Foon 8863 (100) $450 $1,000 $2,450 $2,500