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Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their
Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. In 2020, Brendan and Theresa pay $11,860 in tuition and fees ($5,930 each) and $2,810 in textbooks ($1,440 and $1,370, respectively) for their daughters and $4,330 in tuition and fees for Kevin and $420 in textbooks. The twins' room and board is $2,540, while Kevin's room and board is $1,430. Brendan and Theresa have an adjusted gross income of $66,000. a. Brendan and Theresa can claim $ as a tax credit for the higher education expenses. Round intermediate computations and final answer to the nearest dollar. b. Assume that their adjusted gross income is $118,000, then they can claim $ as a tax credit for the higher education expenses. c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $ as a tax credit for the higher education expenses. Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. In 2020, Brendan and Theresa pay $11,860 in tuition and fees ($5,930 each) and $2,810 in textbooks ($1,440 and $1,370, respectively) for their daughters and $4,330 in tuition and fees for Kevin and $420 in textbooks. The twins' room and board is $2,540, while Kevin's room and board is $1,430. Brendan and Theresa have an adjusted gross income of $66,000. a. Brendan and Theresa can claim $ as a tax credit for the higher education expenses. Round intermediate computations and final answer to the nearest dollar. b. Assume that their adjusted gross income is $118,000, then they can claim $ as a tax credit for the higher education expenses. c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $ as a tax credit for the higher education expenses
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