Dermot and Melony are married, file a joint tax return and have AGI of $120,000. Their daughter Sissy, who qualifies as their dependent child, is a senior at West University during Fall of 2020. In 2020, Dermot and Melony paid $15,000 to West University for Sissy's qualified tuition and fees. They also paid $6,000 qualified tuition and fees to East University where Melony is finishing up her MBA. Calculate the education tax credits that Dermot and Melony can take on their 2020 tax return
Dermot and Melony are married, file a joint tax return and have AGI of $120,000. Their daughter Sissy, who qualifies as their dependent child, is a senior at West University during Fall of 2020. In 2020, Dermot and Melony paid $15,000 to West University for Sissy's qualified tuition and fees. They also paid $6,000 qualified tuition and fees to East University where Melony is finishing up her MBA. Calculate the education tax credits that Dermot and Melony can take on their 2020 tax return
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dermot and Melony are married, file a joint tax return and have AGI of $120,000. Their daughter Sissy, who qualifies as their dependent child, is a senior at West University during Fall of 2020. In 2020, Dermot and Melony paid $15,000 to West University for Sissy's qualified tuition and fees. They also paid $6,000 qualified tuition and fees to East University where Melony is finishing up her MBA. Calculate the education tax credits that Dermot and Melony can take on their 2020 tax return.
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