Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel is working on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 for Angel. Required: a. What education tax credits are available if Ariana and John report modified AGI of $173,920? b. What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class a semester (is less than a half-time student) and not taking classes in a degree program?
Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel is working on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 for Angel. Required: a. What education tax credits are available if Ariana and John report modified AGI of $173,920? b. What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class a semester (is less than a half-time student) and not taking classes in a degree program?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel is
working on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 for
Angel.
Required:
a. What education tax credits are available if Ariana and John report modified AGI of $173,920?
b. What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class a
semester (is less than a half-time student) and not taking classes in a degree program?
Complete this question by entering your answer in the tabs below.
Required a Required b
What education tax credits are available if Ariana and John report modified AGI of $173,920? (Do not round intermediate
calculations. Round your final answers to the nearest whole dollar amount.)
Type of Credit
Dependent
Kai
Angel
Total
Amount of
Credit
$
0
< Required a
Required b >
Transcribed Image Text:Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel is
working on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 for
Angel.
Required:
a. What education tax credits are available if Ariana and John report modified AGI of $173,920?
b. What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class a
semester (is less than a half-time student) and not taking classes in a degree program?
Complete this question by entering your answer in the tabs below.
Required a Required b
What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel 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
Kai
Angel
Total
Amount of
Credit
$
0
Type of Credit
< Required a
Required b >
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