Problem 7-22 Adoption Expenses (LO 77) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If required, carry any division out to four decimal places and round final answers to the nearest dollar. Question Content Area a. What is the adoption credit Carl and Jenny can claim in 2021? b. How much credit could they claim if their AGI was $221,660?

Problem 7-22 Adoption Expenses (LO 77) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If required, carry any division out to four decimal places and round final answers to the nearest dollar. Question Content Area a. What is the adoption credit Carl and Jenny can claim in 2021? b. How much credit could they claim if their AGI was $221,660?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 25P

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Problem 7-19Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees. Question Content Area a. Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank a7afe900d02b00c_1 Question Content Area b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank 827b93f69fa7ff5_1
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