American Opportunity tax credit
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountThe maximum amount a taxpayer may claim for the lifetime learning credit is: $2,000 per return. $2,000 per eligible student, including the taxpayer, their spouse, and any dependents listed on the return. $2,500 per return. $2,500 per eligible student, including the taxpayer, their spouse, and any dependents listed on the return.The maximum amount a taxpayer may claim for the lifetime learning credit is: $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student.
- 3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399, the marginal tax rate is percent. Taxpayer takes the standard deduction, and her tax return includes an Education Credit of $250.sehold. The maximum amount a taxpayer may claim for the lifetime leaming credit is: $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student. OMark for follow up15.Which of the following are deductions from AGI? (select all that apply). One-half self-employment tax Self-employed health insurance Post-tax health insurance Donations to a school Supplies for a taxpayer's K-12 classroom Moving expenses for military members on Permanent Change of Station orders Student loan interest Mortgage interest
- the taxpayer withheld 5% creditable withholding tax on rental payments to various VAT-registered lessorrs. the total taxes withheld were 5,600. what is the deductible amount of rental expense?An independent student has a modified adjusted gross income of $25,000 and qualifying educational expenses of $18,000. If the American Opportunity Tax Credit is used, what is the amount of the tax credit?Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of Household
- Which of the following statements is true regarding education tax credits? Group of answer choices The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. The American Opportunities Credit is only available for the first four-years of higher education. The American Opportunity Credit is calculated per return, while the lifetime learning credit is available per eligible student.Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is More info a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand dollars of the scholarship…In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. > Answer is complete but not entirely correct. Allowable Credit a. A single individual with modified AGI of $32,900 and expenses of $2,720 for a child who is a full-time college freshman. b. A single individual with modified AGI of $44,500 and expenses of $3,640 for a child who is a full-time college junior. c. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $6,800 for a child who is a full-time graduate student. $ $ $ Type of Credit 2,350X AOTC 2,450 AOTC 1,600 X Lifetime learning credit