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Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents
Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $11,475 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $175,000, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $70,000, what is the American Opportunity tax credit they can claim for Janie?
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