Janie graduates from high school in 2021 and enrolls in college in thefall. Her parents (who file a joint return) pay $6,225 for her tuition andfees.If required, round your computations to the nearest whole value.a. Assuming Janie's parents have AGI of $169,400, what is theAmerican Opportunity tax credit they can claim for Janie?b. Assuming Janie's parents have AGI of $67,760, what is the AmericanOpportunity tax credit they can claim for Janie?

AOTC is the tax credit to help pay for educational expenses paid for the…

Answered: Fall Her from high school in 2021 and…

Business

Accounting

Fall Her from high school in 2021 and enrolls in college in the

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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2. In 2020, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade at the local high school. Gale and Cathy did not claim Axel as a dependent but paid the following items for Axel's well-being: Food and clothing Medical care $1,500 200 Fair market value of lodging 2,700 100 $4,500 Entertainment Total Gale and Cathy have asked for your help in determining if any of the $4,500 can be deducted as a charitable contribution. Required: Go to the IRS website (www.irs.gov) and locate Publication 526. Please answer the question for Gale and Cathy. If they can claim a deduction, be sure to include in your post the amount that can be deducted and any substantiation requirements.
Select the best answer. During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. OB. The tuition is considered to be provided by Jake. O C. The tuition is considered to be provided by Jake's parents. O D. Tuition is not support. m, Question Q1 Submit Answers 92% Complete Exit & Resume La block.csod.com/lms/scorm/clientLMS/Scorm 12lframeContainer.aspx?aicc_sid-AICCXvd FC TiXtc1JfwhoH-hadA&aicc_url=https://hrblock.csod.com/LMS/scorm/aicc.aspx
In 2022, Pierre was 67 years of age and he decided to transfer his RRSP assets into a RRIF in June last year. When is he required to make his first withdrawal from his RRIF account? He should have made his first withdrawal before December 31, 2022 He must make his first withdrawal before December 31, 2023 He must make his first withdrawal in 2026 when he is 71 years of age He must make his first withdrawal in 2027 when he is 72 years of age
Aa 07.
Jerome and Laurie are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPS) at CIBC and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, December 17, 2021, the market value of Jerome's RRSP is at $23,765 while Laurie's is at $35,521. What is the maximum amount they can currently withdraw from their respective RRSPS with CIBC for their total down payment on a house under the HBP? Home Buyer's Plan (HBP) Withdraw up to $35,000 per borrower and up to $70,000 per couple. 15 years to pay back the amount withdrawn A $35,000 В $58,765 $70,000 $50,000 E $59,286
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Consider the following 2020 information for Bella and Bill, who file married filing jointly: Scenario I Scenario II Combined salaries of both spouses 164,000 432,100 Purchased stock 5 years ago for 40,000; sold it in 2020 for: 31,800 did not sell Received an inheritance from an aunt who passed away during 2020 Medical expenses paid Mortgage interest paid Charitable contributions paid in cash State taxes withheld 99,000 99,000 14,100 8,800 14,100 12,100 770 6,000 5,000 34,568 Local property taxes paid Federal taxes withheld Minor dependent children 4,100 14,000 17,000 89,000 Two Two a. What is AGI, taxable income and the tax owed? b. What would the tax owed be if the Affordable Care Act (Obamacare) was not in effect?
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Problem 13-84 (LO. 8, 9) Karl purchased his residence on January 2, 2019, for $260,000, after having lived in it during 2018 as a tenant under a lease with an option to buy clause. On August 1, 2020, Karl sells the residence for $315,000. On June 13, 2020, Karl purchases a new residence for $367,000. If an amount is zero, enter "0". a. What is Karl's recognized gain? His basis for the new residence?Karl's recognized gain is $fill in the blank aa8a5403c02a012_1, and his basis for the new residence is $fill in the blank aa8a5403c02a012_2. b. Assume that Karl purchased his original residence on January 2, 2018 (rather than January 2, 2019). What is Karl's recognized gain? His basis for the new residence? Karl's recognized gain is $fill in the blank f8cfe3ffcff0ffc_1, and his basis for the new residence is $fill in the blank f8cfe3ffcff0ffc_2. c. In part (a), what could Karl do to minimize his recognized gain?To minimize his recognized gain, he can continue to…
In early 2019, Cyndey Walters received a $2 million settlement as a result of suffering serious injuries in an accident on a construction site. As a result, she immediately quit her job as a plumber for a construction company and began to search for rundown houses in her neighbour hood that she could buy at a low price. Her objective was to bring her houses up to code (i.e., in accordance with building regulations) and then rent them to individuals who could not afford adequate housing. Cyndey charged just enough rent to cover the expenses of each house. By March 2020, she owned five houses that were rented to five families. She continued working part time as a plumber while she took courses toward a degree in social work. Cyndey came from a large family, many members of which were involved in construction. She called on her family for help when her tenants needed services, and they gave her a family dis- count for their services. In June 2021, she learned that the owner of two…