In 2017, Jeremy and Celeste who file a joint return, paid the following amounts for their daughter,
Question:
In 2017, Jeremy and Celeste who file a joint return, paid the following amounts for their daughter, Alyssa, to attend University of Colorado, during academic year 2017-2018. Alyssa was in her first year of college and attended full-time:
Tuition and fees (for fall semester 2017)...............$1,950
Tuition and fees (for spring semester 2018)............1,000
Books................................................................................600
Room and board..........................................................1,200
The spring semester at University of Colorado begins in January. In addition to the above, Alyssa’s uncle Devin sent $800 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $165,000. What is the amount of qualifying expenses for purposes of the American opportunity tax credit (AOTC) in tax year 2017? What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI?
Step by Step Answer:
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler