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 $11,780 in tuition and fees ($5,890 each) and $2,720 in textbooks ($1,350 and $1,370, respectively) for their daughters and $4,190 in tuition and fees for Kevin and $380 in textbooks. The twins' room and board is $2,500, while Kevin's room and board is $1,460. Brendan and Theresa have an adjusted gross income of $76,700. a. Brendan and Theresa can claim $fill in the blank ead7e0f8dfeaf8b_1 as a tax credit for the higher education expenses. Feedback Eligible taxpayers who incur expenses for higher education can elect to claim one of two tax credits. Round intermediate computations and final answer to the nearest dollar. b. Assume that their adjusted gross income is $123,400, then they can claim $fill in the blank f32d6ffb8032077_1 as a tax credit for the higher education expenses. Feedback 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 273106f82fad04a_1 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 $11,780 in tuition and fees ($5,890 each) and $2,720 in textbooks ($1,350 and $1,370, respectively) for their daughters and $4,190 in tuition and fees for Kevin and $380 in textbooks. The twins' room and board is $2,500, while Kevin's room and board is $1,460. Brendan and Theresa have an adjusted gross income of $76,700.
a. Brendan and Theresa can claim $fill in the blank ead7e0f8dfeaf8b_1 as a tax credit for the higher education expenses.
Eligible taxpayers who incur expenses for higher education can elect to claim one of two tax credits.
Round intermediate computations and final answer to the nearest dollar.
b. Assume that their adjusted gross income is $123,400, then they can claim $fill in the blank f32d6ffb8032077_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 273106f82fad04a_1 as a tax credit for the higher education expenses.
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