In 2021, Laureen is currently single. She paid $2,740 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,740 each for a total of $5,480). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $12,440 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend graduate school. Finally, Laureen paid $1,420 for herself to attend seminars at a community college to help her improve her job skills. Laureen's AGI is $45,000 What is the maximum amount of education credits Laureen can claim for these expenditures? (Leave no answer blank. Enter zero if applicable.) Description Credits American opportunity tax credit Lifetime learning credit
In 2021, Laureen is currently single. She paid $2,740 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,740 each for a total of $5,480). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $12,440 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend graduate school. Finally, Laureen paid $1,420 for herself to attend seminars at a community college to help her improve her job skills. Laureen's AGI is $45,000 What is the maximum amount of education credits Laureen can claim for these expenditures? (Leave no answer blank. Enter zero if applicable.) Description Credits American opportunity tax credit Lifetime learning credit
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:In 2021, Laureen is currently single. She paid $2,740 of qualified tuition and related expenses for each of her twin daughters Sheri and
Meri to attend State University as freshmen ($2,740 each for a total of $5,480). Sheri and Meri qualify as Laureen's dependents.
Laureen also paid $12,440 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend graduate school.
Finally, Laureen paid $1,420 for herself to attend seminars at a community college to help her improve her job skills. Laureen's AGI is
$45,000
What is the maximum amount of education credits Laureen can claim for these expenditures? (Leave no answer blank. Enter zero if
applicable.)
Description
Credits
American opportunity tax credit
Lifetime learning credit
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