ll of 2020 after having completed her junior year during the spring of that year.  Both Devona and Arethia are claimed as dependents on their parents’ tax return.   Devonia’s qualifying tuition expenses and fees total $4,0

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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Jerome and Kelly are married, file a joint tax return, have AGI of $102,000 and have two children.  Devona

is beginning her freshman year at State University during the fall of 2020 and Arethia is beginning her

senior year at Northeast University during the fall of 2020 after having completed her junior year during the

spring of that year.  Both Devona and Arethia are claimed as dependents on their parents’ tax return.

 

Devonia’s qualifying tuition expenses and fees total $4,000 for the fall semester and Aretha's qualifying

tuition expenses and fees total $6,200 for each semester during 2020. Full payment is made for the tuition

and related expenses for both children during each semester.  Calculate their education tax credits.

available to Jerome and Kelly for 2020.

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