Martina is single and has two children in college. Matthew is a sophomore and Christine is in
Question:
Christine’s tuition and fees are $4,800, her textbooks are $550, and her room and board expenses are $1,800. Martina’s adjusted gross income is $52,000.
a. What amount can Martina claim as a tax credit for the higher education expenses she pays?
b. Assume that Martina’s adjusted gross income is $83,000. What amount can she claim as a tax credit for the higher education expenses she pays?
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Eligible taxpayers who incur expenses for higher education can elect to claim one of two tax credits the American Opportunity Tax Credit AOTC or the Lifetime Learning Tax Credit LLTC Only one credit c...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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