Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}], in qualifying expenses for their two sons, Jason and Justin, respectively, to attend Montana State University. Jason is a sophomore and Justin is a freshman. Conner and Matsuko's AGI is [{MathJax fullWidth=false' I5195.000] What is their allowable American opportunity tax credit?

Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}], in qualifying expenses for their two sons, Jason and Justin, respectively, to attend Montana State University. Jason is a sophomore and Justin is a freshman. Conner and Matsuko's AGI is [{MathJax fullWidth=false' I5195.000] What is their allowable American opportunity tax credit?

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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Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a junior at Peanuts University. Both Schroeder and Marcie are full-time students. Schroeder’s expenses during the 2020 fall semester are as follows: $3,125 tuition, $550 books and course materials, and $4,650 room and board. Marcie’s expenses for the 2020 calendar year are as follows: $9,150 tuition, $1,600 books and course materials, and $8,900 room and board. Tuition and the applicable room and board costs are paid at the beginning of each semester. Woodstock is married, files a joint tax return, claims both children as dependents, and has a combined AGI with his wife of $134,000 for 2020. Determine Woodstock’s available education tax credit for 2020.
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