Question
Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who
Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5)
Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,350 for her tuition and fees.
If required, round your computations to the nearest whole value.
a. Assuming Janie's parents have AGI of $176,600, what is the American Opportunity tax credit they can claim for Janie? $
b. Assuming Janie's parents have AGI of $70,640, what is the American Opportunity tax credit they can claim for Janie? $
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
