In 2022, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each
Question:
In 2022, Laureen is currently single. She paid $2,800 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,800 each, for a total of $5,600). Sheri and Meri qualify as Laureen’s dependents. Laureen also paid $1,900 for her son Ryan’s (also Laureen’s dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,200 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios?
a) Laureen’s AGI is $45,000.
b) Laureen’s AGI is $95,000.
c) Laureen’s AGI is $45,000, and Laureen paid $12,000 (not $1,900) for Ryan to attend graduate school (i.e., his fifth year, not his junior year).
Step by Step Answer:
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham