ces In 2022, Laureen is currently single. She paid $2,760 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2.760 each, for a total of $5,520). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,930 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,430 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. Required: a. Laureen's AGI is $45,000. b. Laureen's AGI is $95,000. c. Laureen's AGI is $45,000, and Laureen paid $12,460 (not $1,930) for Ryan to attend graduate school (i.e., his fifth year, not his junior year).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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B2.

 

In 2022, Laureen is currently single. She paid $2,760 of qualified tuition and related expenses for each of her twin daughters Sheri and
Meri to attend State University as freshmen ($2,760 each, for a total of $5,520). Sheri and Meri qualify as Laureen's dependents.
Laureen also paid $1,930 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State
University. Finally, Laureen paid $1,430 for herself to attend seminars at a community college to help her improve her job skills.
What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative
scenarios?
Note: Leave no answer blank. Enter zero if applicable.
Required:
a. Laureen's AGI is $45,000.
b. Laureen's AGI is $95,000.
c.
Laureen's AGI is $45,000, and Laureen paid $12,460 (not $1,930) for Ryan to attend graduate school (i.e., his fifth year, not his junior
year).
Complete this question by entering your answers in the tabs below.
Required A Required B
Laureen's AGI is $45,000.
Description
American opportunity tax credit
Lifetime leaming credit
Required C
Credits
Gargaret A
Required B >
Transcribed Image Text:In 2022, Laureen is currently single. She paid $2,760 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,760 each, for a total of $5,520). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,930 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,430 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. Required: a. Laureen's AGI is $45,000. b. Laureen's AGI is $95,000. c. Laureen's AGI is $45,000, and Laureen paid $12,460 (not $1,930) for Ryan to attend graduate school (i.e., his fifth year, not his junior year). Complete this question by entering your answers in the tabs below. Required A Required B Laureen's AGI is $45,000. Description American opportunity tax credit Lifetime leaming credit Required C Credits Gargaret A Required B >
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