In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit a. A single individual with modified AGI of $32,900 and expenses of $2,760 for a child who is a full-time college freshman. not attempted not attempted b. A single individual with modified AGI of $44,500 and expenses of $3,720 for a child who is a full-time college junior. not attempted not attempted c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,900 for a child who is a full-time graduate student.
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit a. A single individual with modified AGI of $32,900 and expenses of $2,760 for a child who is a full-time college freshman. not attempted not attempted b. A single individual with modified AGI of $44,500 and expenses of $3,720 for a child who is a full-time college junior. not attempted not attempted c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,900 for a child who is a full-time graduate student.
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 30P
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Question
In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits.
Required:
Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance.
| Allowable Credit | Type of Credit | |
| a. A single individual with modified AGI of $32,900 and expenses of $2,760 for a child who is a full-time college freshman. | not attempted | not attempted |
| b. A single individual with modified AGI of $44,500 and expenses of $3,720 for a child who is a full-time college junior. | not attempted | not attempted |
| c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,900 for a child who is a full-time graduate student. |
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