a
Introduction:The education tax credit is intended to reduce the cost of higher education for taxpayers. They are two types of tax credits available, American opportunity tax credit AOTC and lifetime learning credit LLC. AOTC is available for qualifying low income and middle income for higher education and LLC is available for qualified expenses paid for the education of taxpayers.
The lifetime learning credit J can claim on his tax return when AGI is $92,000 and spending on tuition and fees is $2,000, and the LLC if J is married and supporting non-working wife.
b
Introduction:The education tax credit is intended to reduce the cost of higher education for taxpayers. They are two types of tax credits available, American opportunity tax credit AOTC and lifetime learning credit LLC. AOTC is available for qualifying low income and middle income for higher education and LLC is available for qualified expenses paid for the education of taxpayers.
The lifetime learning credit J can claim on his tax return, when AGI is $45,000 and spending on tuition and fees is $2,000,
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Income Tax Fundamentals 2020
- Given true answer general accounting questionarrow_forwardMadrid Co. has a direct labor standard of 6 hours per unit of output. Each employee has a standard wage rate of $13.80 per hour. During February, Madrid Co. paid $99,500 to employees for 8,300 hours worked. 1,430 units were produced during February. What is the direct labor efficiency variance?arrow_forwardWhat is its ROE?arrow_forward
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT