Reference no: EM132665482
Problem 1: The Browns are both managers and file jointly with a modified AGI of $166,000. Their dependent son, Gary, is a full-time college student. During tax year 2019, they paid $10,500 in qualifying education expenses for Gary's second year of college. On their tax return, how will the Browns claim the tax benefit for Gary's education expenses?
Select one:
a. They are not eligible to claim a tax benefit for the education expenses.
b. They can claim an adjustment to income.
c. They can claim the Lifetime Learning Credit.
d. They can claim the American Opportunity Credit.
Problem 2: Geoffrey was age 23 on 12/31/19. He was a full-time student and completed his 4th year of college in May of 2019. His Spring semester was paid for in December of the prior year and credit on those expenses has been claimed on the prior year's return. After graduation, he was unable to find employment, so he moved back in with his parents and entered graduate school in the fall of 2019. Geoffrey's parents are claiming him as a dependent on their tax return, and they had an AGI of $57,000. Geoffrey received a 1098-T from the college with Box 9 checked (graduate student).
Which of the following statements is correct?
Select one:
a. Geoffrey's parents will claim him as a dependent and are eligible to take a Lifetime Learning Credit.
b. Geoffrey's parents will claim him as a dependent and are eligible to take an American Opportunity Credit.
c. Geoffrey's parents will claim him as a dependent and may take an American Opportunity Credit for the expenses for Geoffrey's 4th year in college and take a Lifetime Learning Credit for Geoffrey's graduate school expenses in 2019.
d. Geoffrey's parents will claim him as a dependent but are ineligible to claim either an American Opportunity Credit or Lifetime Learning Credit for 2019.
|
Dependency and interdependency
: Describe the potential impact to another sector that is caused by a loss, or reduction of service provided by your sector,
|
|
Explanation of what is the method of data collection
: Discuss relevant social/economic and ethical consequences or impacts of your proposed research. This relates to the mapping of uncertainties and risks for your
|
|
Who can claim tax credit for education expenses paid by joel
: The Grays file jointly with modified AGI of $116,000. Joel has modified AGI of $26,000. Who can claim tax credit for education expenses paid by Joel during 2019
|
|
Major role in providing critical services
: Discuss one example of a PPP within your sector. Partnerships are not always obvious, but non-the-less can play a major role in providing critical services.
|
|
How will the browns claim the tax benefit for gary education
: Education expenses for Gary's second year of college. On their tax return, how will the Browns claim the tax benefit for Gary's education expenses?
|
|
Which education credit is shelly eligible to claim
: Which education credit is Shelly eligible to claim and for what amount? Shelly paid $3,500 for tuition and fees and $300 for textbooks from a local bookstore
|
|
How much of the childcare expenses can be used to claim
: AGI is $65,000, and their tax liability is $4,487. How much of the childcare expenses can be used to claim the child and dependent care credit?
|
|
What is maximum amount of qualified expenses john can use
: John's earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit?
|
|
Likely or unlikely to use cbrn weapons
: Evaluate the arguments and evidence that terrorist groups are likely or unlikely to use CBRN weapons.
|