What is the amount of qualifying expenses

Assignment Help Accounting Basics
Reference no: EM133129806

Question - In 2020, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during academic year 2020-2021. Alyssa was in her first year of college and attended full-time.

Tuition and fees (for fall semester 2020) $2,290

Tuition and fees (for spring semester 2021) 1,475

Required books 1,520

Room and board 2,000

The spring semester at the University of Colorado begins in January. In addition to the above, Alyssa's uncle Devin sent $200 for her tuition directly to the University. Jeremy and Celeste have modified AGI of $166,000.

Required - What is the amount of qualifying expenses for the purposes of the American Opportunity Tax credit (AOTC) in tax year 2020? What is the amount of qualifying expenses and the amount of AOTC that Jeremy and Celeste can claim based on their AGI?

Reference no: EM133129806

Questions Cloud

What is the per-share value of the company preferred stock : The required rate of return on similar common stocks is 11%. What is the per-share value of the company's preferred and common stock
Prepare journal entries relating to the stock option plan : Prepare journal entries relating to the stock option plan for the years 2021, 2022, and 2023. Assume that the employee performs services equally
What is the amount of depreciation for the second full year : A machine with a cost of $110,000 has an estimated residual value of $12,000. What is the amount of depreciation for the second full year
Describe some main features of philosophical thinking : Answer the question in a response that is 300-500 words. Describe some main features of philosophical thinking, the main branches of philosophy, and what some q
What is the amount of qualifying expenses : What is the amount of qualifying expenses for the purposes of the American Opportunity Tax credit (AOTC) in tax year 2020
Describe two of the logical fallacies : Answer the question in a response that is 300-500 words. Describe two of the following logical fallacies and provide an example of each of them: (a) straw man,
Evaluate the buddhist views of no-self and impermanence : Answer the question in a 300-400 word response. Briefly describe and evaluate the Buddhist views of no-self and impermanence.
Describe sartre view of freedom : Describe Sartre's view of freedom and whether you think he is correct that we can freely determine who we are.
What is the quick ratio : Based on the following data - Accounts payable $31,000, Accounts receivable 70,000, Accrued liabilities 12,000 and Cash 32,000, what is the quick ratio

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd