Question
Mary is an 18-year-old full-time student at Midwest University. Her parents claim her as a dependent on their tax return. Mary has $20,000 in unearned
Mary is an 18-year-old full-time student at Midwest University. Her parents claim her as a dependent on their tax return. Mary has $20,000 in unearned income this tax year. Her education expenses are as follows:
Tuition: $1,000
Books and supplies: $1,000
Room and board: $4,000
Computer required by Midwest University: $1,500
Fees: $650
Transportation: $1,000
What American Opportunity Tax Credits and Lifetime Learning Credits can Mary claim on her personal tax return this year for education expenses?
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Get StartedRecommended Textbook for
Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
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