Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay

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Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees.

a. Assuming Janie’s parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?

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b. Assuming Janie’s parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?

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Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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Question Posted: Jul 16, 2015 07:10 AM

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Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay

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a 1250 Janies American Opportunity credit before any phaseout will be 100 of the first ...View the full answer

Income Tax Fundamentals 2015

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