Required Problem 8-72 (LO 8-4) (Algo) [The following information applies to the questions displayed below) In 2023, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Problem 8-72 Part b (Algo) b. Elaine's AGI is $175,000. Note: Round your intermediate calculations to the nearest whole dollar amount. American opportunity tax credit
Required Problem 8-72 (LO 8-4) (Algo) [The following information applies to the questions displayed below) In 2023, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Problem 8-72 Part b (Algo) b. Elaine's AGI is $175,000. Note: Round your intermediate calculations to the nearest whole dollar amount. American opportunity tax credit
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 57P
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Required information
Problem 8-72 (LO 8-4) (Algo)
[The following information applies to the questions displayed below.)
In 2023, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall
as a freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of
the following alternative situations?
Note: Leave no answer blank. Enter zero if applicable.
Problem 8-72 Part b (Algo)
b. Elaine's AGI is $175,000.
Note: Round your intermediate calculations to the nearest whole dollar amount.
American opportunity tax credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F820caf8c-cb11-414d-a104-dce0d825596e%2Ff0175ea7-2720-463a-aa26-a26d0dce6a93%2Fiep72efl_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 8-72 (LO 8-4) (Algo)
[The following information applies to the questions displayed below.)
In 2023, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall
as a freshman. Elaine files a joint return with her husband.
What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of
the following alternative situations?
Note: Leave no answer blank. Enter zero if applicable.
Problem 8-72 Part b (Algo)
b. Elaine's AGI is $175,000.
Note: Round your intermediate calculations to the nearest whole dollar amount.
American opportunity tax credit
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