Question
In: Accounting
Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and...
Brendan and Theresa are married and have three children in
college. Their twin daughters, Christine and Katlyn, are freshmen
and attend the same univer-sity. Their son, Kevin, is a graduate
student. Brendan and Theresa pay $12,000 in tuition and fees
($6,000 each) and $1,100 in textbooks ($500 and $600,
respec-tively) for their daughters and $4,200 in tuition and fees
for Kevin and $400 in textbooks. The twins’ room and board is
$2,600, while Kevin’s room and board is $1,400. Brendan and Theresa
have an adjusted gross income of $77,000.
a. What amount can they claim as a tax credit for the higher
education expenses they pay?
b. Assume that their adjusted gross income is $121,000. What amount
can they claim as a tax credit for the higher education expenses
they pay?
c. Assume the same facts as in part a, except that Kevin is a
freshman and the twins are graduate students. What amount can
Brendan and Theresa claim as a tax credit for the higher education
expenses they pay?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and...
Brendan and Theresa are married and have three children in
college. Their twin daughters, Christine and Katlyn, are freshmen
and attend the same university. Their son, Kevin, is a graduate
student. In 2019, Brendan and Theresa pay $12,040 in tuition and
fees ($6,020 each) and $2,810 in textbooks ($1,480 and $1,330,
respectively) for their daughters and $4,150 in tuition and fees
for Kevin and $350 in textbooks. The twins' room and board is
$2,660, while Kevin's room and board is...
Income Tax Credits (LO. 6) Brendan and Theresa are married and have three children in college....
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and attend the same university. Their son, Kevin, is a graduate
student. In 2020, Brendan and Theresa pay $12,100 in tuition and
fees ($6,050 each) and $2,920 in textbooks ($1,430 and $1,490,
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