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 2 years agoRelated Solutions
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