John and Mary owe $1,400 in income tax and spent $4,000 on qualified education expenses for which
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Question:
John and Mary owe $1,400 in income tax and spent $4,000 on qualified education expenses for which they can claim an American Opportunity Credit. How much will they owe in taxes/receive in refund?
a. Receive tax refund of $1,000.
b. Receive tax refund of $1,100.
c. Owe $1,100 in taxes.
d. Owe $1,150 in taxes.
Related Book For
Fundamentals of Taxation 2015
ISBN: 9781259293092
8th edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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