In 2022, Elaine paid $2,320 of tuition and $1,300 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations?  Note: Leave no answer blank. Enter zero if applicable. Required: Elaine's AGI is $95,500. Elaine's AGI is $178,000. Note: Round your intermediate calculations to the nearest whole dollar amount. Elaine's AGI is $223,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2022, Elaine paid $2,320 of tuition and $1,300 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband.

What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations?

 Note: Leave no answer blank. Enter zero if applicable.

Required:

  1. Elaine's AGI is $95,500.
  2. Elaine's AGI is $178,000.

    Note: Round your intermediate calculations to the nearest whole dollar amount.

  3. Elaine's AGI is $223,000.
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