Question
In: Accounting
In 2018, Elaine paid $2,760 of tuition and $1,060 for books for her dependent son to...
In 2018, Elaine paid $2,760 of tuition and $1,060 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 credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? What is the American Opportunity Credit if: a. Elaine’s AGI is $92,750. b. Elaine’s AGI is $164,500. c. Elaine’s AGI is $211,000.
Solutions
Expert Solution
Part A
| Description | amount | explanation |
| 1. AOC before phase out | 2455 | (2000*100%) +((3820-2000)*25%) |
| 2. AGI | 92750 | |
| 3. Phase out threshold | 134000 | |
| 4. Excess AGI | 0 | 2 - 3 |
| 5. Phase out range for taxpayer filing as married filling jointly | 20000 | 134000-114000 |
| 6. Phase out percentage | 0% | 4 ÷ 5 |
| 7. Phase out amount | 0 | 1 * 6 |
| AOC after phase out | 2455 | 1 - 7 |
Part B
| Description | amount | explanation |
| 1. AOC before phase out | 2455 | (2000*100%)+((3820-2000)*25%) |
| 2. AGI | 164500 | |
| 3. Phase out threshold | 134000 | |
| 4. Excess AGI | 30500 | 2-3 |
| 5. Phase out range for taxpayer filing as married filling jointly | 20000 | 134000-114000 |
| 6. Phase out percentage | 100% | 4 ÷ 5 or max 100% |
| 7. Phase out amount | 2455 | 1 *6 |
| AOC after phase out | 0 | 1-7 |
Part C
| Description | amount | explanation |
| 1. AOC before phase out | 2455 | (2000*100%)+((3820-2000)*25%) |
| 2. AGI | 211000 | |
| 3. Phase out threshold | 134000 | |
| 4. Excess AGI | 77000 | 2-3 |
| 5. Phase out range for taxpayer filing as married filling jointly | 20000 | 134000-114000 |
| 6. Phase out percentage | 100% | 4 ÷ 5 or max 100% |
| 7. Phase out amount | 2455 | 1 * 6 |
| AOC after phase out | 0 | 1 - 7 |
ekkarill92 answered 1 year agoRelated Solutions
In 2018, Elaine paid $2,480 of tuition and $1,240 for books for her dependent son to...
In 2018, Elaine paid $2,480 of tuition and $1,240 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 credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations? a. Elaine’s AGI is $87,000. b. Elaine’s AGI is $179,000
c. Elaine’s AGI is $233,500.
In 2018, Elaine paid $2,840 of tuition and $800 for books for her dependent son to...
In 2018, Elaine paid $2,840 of tuition and $800 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 credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations?
a. Elaine’s AGI is $103,500.
b. Elaine’s AGI is $172,000.
c. Elaine’s AGI is $200,500.
In 2018, Elaine paid $3,000 of tuition and $600 for books for her dependent son to...
In 2018, Elaine paid $3,000 of tuition and $600 for books for
her dependent son to attend State University this past fall as a
freshman. Elaine files a joint return with her husband. Elaine’s
AGI is $168,000.What is the maximum American opportunity credit
Elaine can claim for the tuition payment and books?
In 2018, Amanda and Jaxon Stuart have a daughter who is one year
old. The Stuarts are full-time students and they are both 23 years
old. Their AGI...
In 2018, Elaine paid $2,640 of tuition and $920 for books for her dependent son to...
In 2018, Elaine paid $2,640 of tuition and $920 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 credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations?
a. Elaine’s AGI is $83,000.
b. Elaine’s AGI is $170,500.
c. Elaine's AGI is 205,500
In 2018, Elaine paid $2,640 of tuition and $920 for books for her dependent son to...
In 2018, Elaine paid $2,640 of tuition and $920 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 credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations?
a. Elaine’s AGI is $83,000.
b. Elaine’s AGI is $170,500.
c. Elaine's AGI is 205,500
In 2018, Elaine paid $2,360 of tuition and $780 for books for her dependent son to...
In 2018, Elaine paid $2,360 of tuition and $780 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 credit that Elaine can claim for the
tuition payment and books in each of the following alternative
situations? a. Elaine’s AGI is $101,000. b. Elaine's AGI is
$161,500 c. Elaine's AGI is $230,000
In 2017, Elaine paid $2,920 of tuition and $840 for books for her dependent son to...
In 2017, Elaine paid $2,920 of tuition and $840 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 credit that Elaine can
claim for the tuition payment and books in each of the following
alternative situations? (Round your intermediate
calculations to two decimal places and final answer to the nearest
whole dollar amount. Leave no answer blank. Enter zero...
In 2020, Elaine paid $2400 of tuition and $1020 for books for her dependent son to...
In 2020, Elaine paid $2400 of tuition and $1020 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?
a. Elaine's AGI is $99,750
b. Elaine's AGI is $166,500
c. Elaine's AGI is $213,500
In 2019, Elaine paid $2,640 of tuition and $920 for books for her dependent son to...
In 2019, Elaine paid $2,640 of tuition and $920 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? (Leave no answer blank. Enter zero
if applicable.)
a. Elaine’s AGI is $83,000.
b. His AGI is $423,600.
c. His AGI is...
In 2019, Elaine paid $2,800 of tuition and $600 for books for her dependent son to...
In 2019, Elaine paid $2,800 of tuition and $600 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? (Leave no answer blank. Enter zero if applicable.)
a. Elaine’s AGI is $80,000. b. Elaine’s AGI is $168,000. c.
Elaine’s AGI is...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Pete's Power Pizzas sells a chocolate/tofu filled pastry. Pete's currently sells this pastry for $13.15, and...
- List five foods from your culture or your family food traditions that are prepared using a...
- How does Mead distinguish between the body and the self? How is the self both a...
- Assume you were asked to interview a researcher about the merits and weaknesses of quasi-experimental designs....
- Consider the group G = {1, −1, i, −i, j, −j, k, −k} under multiplication. Here...
- Determine the magnitude of the gravitational force Mars would exert on man if he was on...
- In 2012, the General Social Survey asked a random sample of adults, "Compared to most people,...
ADVERTISEMENT