Question: What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books ?
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Data:
In 2020, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband - AGI $165,500.
Question:
What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books ?
Thx,
Stephanie
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- Required information [The following information applies to the questions displayed below] In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. Note: Leave no answer blank. Enter zero if applicable. Check my work c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income) Note: Round your intermediate calculations to the nearest whole dollar amount. Earned income creditIncome Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.In 2019, Jose paid the following amounts for his son to attend Big State University: Tuition $9,000 Room and board 6,300 Books 900 A car to use at school 4,950 Student football tickets 285 Spending money 4,960 How much of the above is a qualified higher education expense for purposes of his Qualified Tuition Program?
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- 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_1In 2022, 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? Required: Elaine's AGI is $80,000. Elaine's AGI is $168,000. Elaine's AGI is $184,000.income tax problem Dori is 58 years old and retired in 2019. She receives a pension of $25,000 a year and no other income. She wishes to put the maximum allowed into an IRA. How much can she contribute to her IRA? I answered $7,000 since she is over 50 and can contribute an extra $1000 Is this correct?
- ! 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.) a. Elaine's AGI is $80,000. American opportunity tax creditEarned Income Credit. Carolyn is unmarried and has one dependent child, age 6, who lives with her for the entire year. In 2015, she has income of $16,000 in wages and $6,000 in alimony. Her AGI is $22,000. a. What is Carolyn’s tentative earned income credit (before phase out)? b. what is Carolyn’s allowable earned income credit? c. If Carolyn has no income tax liability (before the earned income credit is subtracted), is she entitled to a refund in the current year? d. How will your answers to Part a and b change if Carolyn is married filing a joint returnRequired information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife. What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations? Use Exhibit 8-8. a. His AGI is $107,600. Amount of child tax credit b. His AGI is $426,900. Amount of child tax credit c. His AGI is $429,800, and his daughters are ages 10 and 12. Amount of child tax credit EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Phase-Out Threshold Married filing jointly $400,000 Married filing separately 200,000 Head of household and single 200,000