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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 $2,500 for Kal (who is a half-time student) and $7,500 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation? Dependent Kai Angel Total Amount of Credit $ 0 Type of Credit

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 $2,500 for Kal (who is a half-time student) and $7,500 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation? Dependent Kai Angel Total Amount of Credit $ 0 Type of Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $2,500 for Kai (who is a half-time student) and $7,500 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation? Dependent Kai Angel Total Amount of Credit $ 0 Type of Credit
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 $2,500 for Kai (who is a half-time student) and $7,500 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation? Dependent Kai Angel Total Amount of Credit $ 0 Type of Credit
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