Which would reduce the amount of qualified education expense

Assignment Help Accounting Basics

Reference no: EM132665487

Problem 1: Madison, 18, is in her first year of college. She lives with her parents and attends a local college. Madison's parents continue to claim her as a dependent since she is a full-time student and under age 24.

Madison paid the following amount for qualified tuition in 2019:

$2,100 in March for the summer semester (2019)

Her parents paid the following amounts for qualified tuition in 2019:

$3,500 in June for the fall semester (2019)
$3,300 in December for the spring semester (2020)

What amount of qualified tuition will Madison be allowed to use in calculating her 2019 American Opportunity Credit on her tax return?

Select one:

a. $2,100

b. $5,600

c. $8,900

d. $ 0

Problem 2: If used to pay tuition at an eligible educational institution, which of the following would reduce the amount of qualified education expenses a taxpayer could use to claim education credit on his tax return?

Select one:

a. A gift from a friend

b. A Pell grant

c. A family inheritance

d. A student loan

Reference no: EM132665487

Questions Cloud

What is the penalty for excess contributions to an ira : Hank has contributed more than the maximum allowable amount to his IRA. What is the penalty for excess contributions to an IRA?

Why you devised the harm reduction plan the way you did : Jeannine and Robert have been together for five years and have been married for the past three years. They live in an apartment together.

What is the amount of the adoption credit : Judi and May adopted a child in 2019. Their adoption expenses include $3,500 of court fees, What is the amount of their adoption credit in 2019?

Do you think this study was ethical : Do you think this study was ethical? Why or why not? Do you think the information learned in this study justified the method used to collect the data?

Which would reduce the amount of qualified education expense : Which would reduce the amount of qualified education expenses a taxpayer could use to claim education credit on his tax return?

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.

User Account

All Pages