Use the information in Problem 51. What education tax credits are available if Walt and Deloris report

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Use the information in Problem 51. What education tax credits are available if Walt and Deloris report modified AGI of $119,700? Does your answer change if Tiffany is taking one class a semester (is less than a half-time student) and not taking classes in a degree program? Why or why not?


Problem 51

Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a freshman at State University and Tiffany is working on her graduate degree. The couple paid qualified expenses of $3,900 for Bill (who is a half-time student) and $7,800 for Tiffany. What are the amount and type of education tax credits that Walt and Deloris can take, assuming they have no modified AGI limitation?

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Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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