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 $12,000 in tuition and fees ($6,000 each) and $1,100 in textbooks ($500 and $600
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 $12,000 in tuition and fees ($6,000 each) and $1,100 in textbooks ($500 and $600, respectively) for their daughters and $4,200 in tuition and fees for Kevin and $400 in textbooks. The twins' room and board is $2,600, while Kevin's room and board is $1,400. Brendan and Theresa have an adjusted gross income of $77,000.
a. Brendan and Theresa can claim $fill in the blank 676616002f97072_1 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 $121,000, then they can claim $fill in the blank 55e818fd9fb3fbe_1 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 $fill in the blank becba0fe0041015_1 as a tax credit for the higher education expenses.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
