ok3Required Information[The following information applies to the questions displayed below.)In 2024, Laureen is currently single. She paid $2,360 of qualified tuition and related expenses for each of her twindaughters Sheri and Meri to attend State University as freshmen ($2,360 each, for a total of $4,720). Sheri and Meri qualifyas Laureen's dependents. Laureen also paid $1,730 for her son Ryan's (also Laureen's dependent) tuition and relatedexpenses to attend his junior year at State University. Finally, Laureen paid $1,230 for herself to attend seminars at acommunity college to help her improve her job skills.What is the maximum amount of education credits Laureen can claim for these expenditures in each of the followingalternative scenarios?Note: Leave no answer blank. Enter zero if applicable.a. Laureen's AGI is $45,000.DescriptionCreditsAmerican opportunity tax credit$4,720Lifetime learning credit$346Vi

Laureen's maximum education credits1. American Opportunity Tax Credit (AOTC)Phase-out Range for…

Answered: ok 3 Required Information [The…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter9: Deductions: Employee And Self- Employed-related Expenses

Section: Chapter Questions

Problem 36P

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Paul Barrone is a graduate student at State University. His 10-year-old son, Jamie, lives with him, and Paul is Jamies sole support. Pauls wife died in 2018, and Paul has not remarried. Paul received 320,000 of life insurance proceeds (related to his wifes death) in early 2019 and immediately invested the entire amount as shown below. Paul had 42,000 of taxable graduate assistant earnings from State University and received a 10,000 scholarship. He used 8,000 of the scholarship to pay his tuition and fees for the year and 2,000 for Jamies day care. Jamie attended Little Kids Daycare Center, a state-certified child care facility. Paul received a statement related to the Green bonds saying that there was 45 of original issue discount amortization during 2019. Paul maintains the receipts for the sales taxes he paid of 735. Paul lives at 1610 Cherry Lane, Bradenton, FL 34212, and his Social Security number is 111-11-1111. Jamies Social Security number is 123-45-6789. The university withheld 2,000 of Federal income tax from Pauls salary. Paul is not itemizing his deductions. Part 1Tax Computation Compute Pauls lowest tax liability for 2019. Part 2Tax Planning Paul is concerned because the Green bonds were worth only 18,000 at the end of 2019, 5,000 less than he paid for them. He is an inexperienced investor and wants to know if this 5,000 is deductible. The bonds had original issue discount of 2,000 when he purchased them, and he is curious about how that affects his investment in the bonds. The bonds had 20 years left to maturity when he purchased them. Draft a brief letter to Paul explaining how to handle these items. Also prepare a memo for Pauls tax file.
Greg died on July 1,2019 , and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income? $____________
Required information [The following information applies to the questions displayed below.] In 2023, Laureen is currently single. She paid $2,720 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,720 each, for a total of $5,440). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,910 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,410 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. c. Laureen's AGI is $45,000, and Laureen paid $12,420 (not $1,910) for Ryan to attend graduate school (ie., his fifth year, not his junior year). Description American opportunity tax…
Hanshaben
Rahul
Dineshbhai
Munabhai
! Required information [The following information applies to the questions displayed below.] In 2023, Laureen is currently single. She paid $2,720 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,720 each, for a total of $5,440). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,910 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,410 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. a. Laureen's AGI is $45,000. Description American opportunity tax credit Lifetime learning credit Credits
! Required information [The following information applies to the questions displayed below.] In 2023, Laureen is currently single. She paid $2,600 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,600 each, for a total of $5,200). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,850 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,350 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. Description American opportunity tax credit Lifetime learning credit Credits
[The following information applies to the questions displayed below.] In 2021, Laureen is currently single. She paid $2,780 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,780 each for a total of $5,560). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,990 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,440 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? (Leave no answer blank. Enter zero if applicable.) b. Laureen’s AGI is $95,000.
Meman
Munabhai

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