Income Tax Credits (LO. 6) Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. In 2020, Brendan and Theresa pay $12,140 in tuition and fees ($6,070 each) and $2,680 in textbooks ($1,340 and $1,340, respectively) for their daughters and $4,200 in tuition and fees for Kevin and $460 in textbooks. The twins' room and board is $2,540, while Kevin's room and board is $1,430. Brendan and Theresa have an adjusted gross income of $74,200. a. Brendan and Theresa can claim 5,840 as a tax credit for the higher education expenses. Feedback Round intermediate computations and final answer to the nearest dollar. b. Assume that their adjusted gross income is $125,600, then they can claim : as a tax credit for the higher education expenses. Feedback c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $ 4,500 v as a tax credit for the higher education expenses.
Income Tax Credits (LO. 6) Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. In 2020, Brendan and Theresa pay $12,140 in tuition and fees ($6,070 each) and $2,680 in textbooks ($1,340 and $1,340, respectively) for their daughters and $4,200 in tuition and fees for Kevin and $460 in textbooks. The twins' room and board is $2,540, while Kevin's room and board is $1,430. Brendan and Theresa have an adjusted gross income of $74,200. a. Brendan and Theresa can claim 5,840 as a tax credit for the higher education expenses. Feedback Round intermediate computations and final answer to the nearest dollar. b. Assume that their adjusted gross income is $125,600, then they can claim : as a tax credit for the higher education expenses. Feedback c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $ 4,500 v as a tax credit for the higher education expenses.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter3: Preparing Your Taxes
Section: Chapter Questions
Problem 4FPE
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I need help on part b. Thanks.
Transcribed Image Text:Income Tax Credits (LO. 6)
Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same
university. Their son, Kevin, is a graduate student. In 2020, Brendan and Theresa pay $12,140 in tuition and fees ($6,070 each) and $2,680 in
textbooks ($1,340 and $1,340, respectively) for their daughters and $4,200 in tuition and fees for Kevin and $460 in textbooks. The twins' room and
board is $2,540, while Kevin's room and board is $1,430. Brendan and Theresa have an adjusted gross income of $74,200.
a. Brendan and Theresa can claim s
5,840 v as a tax credit for the higher education expenses.
Feedback
Round intermediate computations and final answer to the nearest dollar.
b. Assume that their adjusted gross income is $125,600, then they can claim $
as a tax credit for the higher education expenses.
Feedback
c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $
4,500 V as a tax credit for the higher education expenses.
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