es In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. a. A single individual with modified AGI of $32,900 and expenses of $2,560 for al child who is a full-time college freshman. b. A single individual with modified AGI of $44,500 and expenses of $3,320 for a child who is a full-time college junior. c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,400 for a child who is a full-time graduate student. Allowable Credit Type of Credit AOTC AOTC Lifetime learning credit AOTC Lifetime learning credit

es In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. a. A single individual with modified AGI of $32,900 and expenses of $2,560 for al child who is a full-time college freshman. b. A single individual with modified AGI of $44,500 and expenses of $3,320 for a child who is a full-time college junior. c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,400 for a child who is a full-time graduate student. Allowable Credit Type of Credit AOTC AOTC Lifetime learning credit AOTC Lifetime learning credit

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 18CE

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