Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents pay

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Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees.

a. Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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Question Posted: Sep 28, 2023 03:07 AM

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Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents pay

Question:

a. Assuming Janie's parents have AGI of $172,000, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?

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a 1000 Janies American Opportunity tax credit before any phaseout will be 100 of the fir...View the full answer

Income Tax Fundamentals 2021

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