Problem 9-57 (LO 9-7)Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,300 in 2020 for adoption-related expenses. The adoption wasfinalized in early 2021. Marsha received $3,250 of employer-provided adoption benefits. For part (a), assume that any adoption creditis not limited by modified AGI or by the amount of tax liability.Required:a. What amount of adoption credit, if any, can Niles and Marsha take in 2021?b. Using the information in part (a), assume hat their modified AGI was $234,000 in 2021. What amount of adoption credit is allowedin 2021?Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.a. Amount of adoption creditb. Amount of adoption creditAmounts

AnswerIncome tax:- Income tax is the tax that an individual is responsible on their earned income.…

Answered: Niles and Marsha adopted an infant boy…

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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All of the following nondependent taxpayers are U.S. citizens. Which is/are required to file a 2023 income tax return? -Calvin (40), qualifying surviving spouse (QSS), $26,100 gross income. -Jen (68), single (S), $15,000 gross income, all from wages. -Sheldon (67) and Ruby (61), married filing jointly (MFJ), $28,500 gross income. -Zachery (38), head of household (HOH), $21,350 gross income. Choose One
KA your dependent can take the American opportunity credit on their personal tax return.
Required information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. c. His AGI is $420,600, and his daughters are ages 10 and 12. Amount of child tax credit
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Required information [The following information applies to the questions displayed below.] In 2021, Elaine paid $2,800 of tuition and $600 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? (Leave no answer blank. Enter zero if applicable.) b. Elaine's AGI is $168,000. American opportunity tax credit
Abel and Loni adopted a boy (a U.S. citizen) during the current tax year and incurred a total of $16,425 in qualified adoption expenses. Abel and Loni have modified AGI of $227,500. What is the amount of adoption credit they can take?
18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? c. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through?
Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have one dependent child, Dante. The couple paid $8,760 of tuition and $15,375 for room and board for Dante ( a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023. Sfill in the blank 1
! Required information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $106,900. Amount of child tax credit
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K The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72,000.00 for 2020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate? ... Assuming the Lees' filing status is married filing jointly spouse, their standard deduction for the 2020 tax year is $ deduction table: . (Enter the amount to the nearest cent.) Click the following link for a standard

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