Jarrod receives a scholarship of $33,400 from East State University to be used to pursue a bachelor's degree. He spends $20,040 on tuition, $1,670 on books and supplies, $6,680 for room and board, and $5,010 for personal expenses. How much may Jarrod exclude from his gross income?

Jarrod receives a scholarship of $33,400 from East State University to be used to pursue a bachelor's degree. He spends $20,040 on tuition, $1,670 on books and supplies, $6,680 for room and board, and $5,010 for personal expenses. How much may Jarrod exclude from his gross income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350 What amount can Ned include in his itemized deductions?
s
Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ 48000 this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $24000 Or, if he contributes the publicly traded stock to a private nonoperating foundation, he can deduct $ 16000 year. Correct Answer 90000 45000 30000 this
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $34,000 from County Bank and paid interest of $2,040. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Answer is complete but not entirely correct. $ Interest deduction 1,496 X
Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows: 2016: Gifts of $60,000 to each child 2017: Gifts of $40,000 to each child 2018: Gifts of $50,000 to each child Explain the gift tax filing requirements. Will Lance have to file a gift tax return? What about his wife?
Betsy is single and attended university full-time for 4 months in 2021. Her tuition for the year was $2,100 and her campus living expenses were $5,000 she also paid $1,300 for books. Besty’s income for the year was a scholarship from the university for $2,000 and $16,500 from part time job. from her emplacement income, $260.70 was withheld for EI and $708.50 for CPP ($65.00 in line 2215, $643.50 in line 30800) the only other non-refundable credit she can claim is the canada employment amount. How much of the tuision fees muct Betsy claim on her own return to reduce her federal tax to zero , and how much can she trasfier to her grandfather? A) Line 32300-$2,100.00- no transfer B) Line 32300-$1,965.80- transfer -$134.20 C) Line 32300- $0.00- transfer -$2,100.00 D) Line 32300- $465.80- transfer - $1,634.20
Richie is an unmarried law student at State University Law School, a qualified educational institution. This year Richie borrowed $24,000 from County Bank and paid interest of $1,440. Richie used the loan proceeds to pay his law school tuition. Calculate the amounts Richie can deduct for higher education expenses and interest on higher education loans under the following circumstances: Richie’s AGI before deducting interest on higher education loans is $50,000.
Jackson, a head of household taxpayer, has a 20-year-old daughter, Emma, who attends the University of Minnesota full-time. During 2020, Jackson incurred the following expenses related to Emma's education: 1. Tuition and fees - $13,750 2. Textbooks - $785 3. Rent for campus apartment - $4,200 4. Campus dining plan - $2,150 5. Laptop - $3,600 6. Clothes, toiletries, transportation - $1,890 Jackson paid for Emma's living expenses out of pocket each month, but he took out a loan to cover her tuition and fees, the campus dining plan, and her laptop. During 2020, he paid a total of $895 of interest on that loan. Assuming that Jackson is not subject to an AGI limitation, how much of Emma's college expenses can Jackson deduct in 2020?
Suzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.
Leslie Rodgers is 39 years old, single, and has decided to get a Masters of Divinity degree. During the year, Leslie incurs the following expenses: $7,200 in tuition and fees, $550 in books, and $3,800 in room and board at Western Theological Seminary in Holland, Michigan. 4) if Leslie's AGI is $44,600, what is the maximum education credit that can be claimed in 2020? If Leslie's AGI is $64,600, what is the maximum education credit that can be claimed in 2020? a)
Albert established a qualified tuition program for each of his twins, Kim and Jim. He started each fund with $20,000 when the children were five years old. Albert made no further contributions to his children's plans. Thirteen years later, both children have graduated from high school. Kim's fund has accumulated to $45,000, and Jim's has accumulated to $42,000. Kim decides to attend a state university, which will cost $60,000 for four years (tuition, fees, room and board, and books). Jim decides to go to work instead of going to college. During the current year, $7,500 is used from Kim's plan to pay the cost of her first semester in college. Because Jim is not going to college now or in the future, Albert withdraws the $42,000 plan balance and gives it to Jim to start his new life after high school. Question Content Area a. During the period since the plans were established, should Albert or the twins have been including the annual plan earnings in gross income?…
Rebecca is an undergraduate at Big State University. She was awarded a $32,000 "full scholarship" which paid for her: • Tuition: $17,000 • Campus Housing: $6,500 • Books: $2,500 • Meals: $6,000 What amount of the scholarship must Rebecca include in her Gross Income? Group of answer choices. $6,000. $9,000. $12,500. $19,500.