Niles
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Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $14,750 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $3,050 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability.
Required: What amount of adoption credit, if any, can Niles and Marsha take in 2021? Using the information in part (a), assume that their modified AGI was $224,000 in 2021. What amount of adoption credit is allowed in 2021? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
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- Azza and Azzan are married and have 2 children. Azza has a salary of £ 54000 pa and has paid £ 1800 (net) under the gift aid scheme for tax year 2020/2021. Azza received child allowance of £ 1789 during the tax year 2020/2021. Azzan has no income and looks after the family. Calculate Azza’s income tax liability for the year 2020/2021.In 2023, Elaine paid $2,120 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. a. Elaine's AGI is $104, 250. b. Elaine's AGI is $173,500.Interview Notes Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha earned wages of $18,500 and had $1,500 of federal income tax withholding in tax year 2020. Marsha gave birth to Shelby on November 10, 2020. Marsha paid all the cost of keeping up a home and support for Shelby. Shelby and Marsha are U.S. citizens and have valid Social Security numbers. Marsha filed Single with no dependents on her 2019 tax return and received a $1,200 Economic Impact Payment in May 2020. 4. Marsha qualifies for the recovery rebate credit of $500 for Shelby.Note: Congress may have enacted additional legislation that will affect taxpayers after this publication went to print. Please answer questions based on the information provided in Publication 4491, VITA/TCE Training Guide and Publication 4012, VITA/ TCE Resource Guide. True False
- Toni and Beyonze are married and file jointly. During 2020, they paid tuition for their daughter’s college in the amount of $23,000. If their AGI was $142,000, what is the amount of tuition deduction they are eligible for? a. $23,000 b. $0 c. $4,000 d. $2,000 e. None of theseCalculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) taxpayer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year.In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if so, the total amount of the child tax credit and other dependent credit for 2021 (assuming no advance payments or limitations apply). If an amount is zero, enter "0". Dependent? Amount of credit (Yes/No) a. Donna, a 20-year-old single taxpayer, supports her mother, who lives in her own Yes home. Her mother has income of $1,350. b. William, age 43, and Mary, age 45, are married and support William's 19-year-old sister, who is not a student. The sister's income from a part-time job is $4,300. No c. Devi was divorced in 2019 and receives child support of $250 per month from her ex- Yes husband for the support of their 8-year-old son, John, who lives with her. Devi is 45 and provides more than half of her son's support. d. Wendell, an 89-year-old single taxpayer, supports his son, who is 67 years old, lives Yes with him and earns no income. e. Wilma, age 65, and Morris, age 66, are married.…
- hgujh-Stephanie reported $18,265 of earnings from her babysitting. What is the standard deduction?Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,725 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank f1e43ef63038fac_1 b. Assuming Janie's parents have AGI of $68,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank da335a09e043f8f_1
- Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax creditAssuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below.Jack and his wife move from Maryland to the state of New York. After the move, Jack works in Connecticut and his wife works in New York City. There are no reciprocal agreements between any of the states. For the year of the move, what should they do with their state tax return(s)? a.) They should file part-year resident returns for Maryland and New York. The New York return would include income earned in Connecticut. b.) They should file part-year resident returns with Maryland and New York and a nonresident with Connecticut. c.) They should split the federal adjustment for unreimbursed moving expenses between the Maryland and New York returns d.) They should claim a credit for taxes paid to a nonresident state, split between the Maryland and New York returns