Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 13, Problem 19CE
To determine
Calculate the amount of American opportunity credit for the year.
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Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have one dependent child, Dante. The couple paid $8,760 of tuition and $15,375 for room and board for Dante ( a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023. Sfill in the blank 1
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Trey has two dependents, his daughters, ages 14 and 17, at year-end. Trey files a joint return with his wife.
What amount of child credit will Trey be able to claim for his daughters under each of the following alternative situations?
Use Exhibit 8-8.
a. His AGI is $107,600.
Amount of child tax credit
b. His AGI is $426,900.
Amount of child tax credit
c. His AGI is $429,800, and his daughters are ages 10 and 12.
Amount of child tax credit
EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold
Filing Status
Phase-Out Threshold
Married filing jointly
$400,000
Married filing separately
200,000
Head of household and single
200,000
DJ and Gwen paid $3,880 in qualifying expenses for their son, Nikko, who is a freshman attending the University of Colorado. DJ and Gwen
have AGI of $170,000 and file a joint return. What is their allowable American opportunity tax credit?
Multiple Choice
O $2,470
O $1.235
O $3,880
$0.
Chapter 13 Solutions
Individual Income Taxes
Ch. 13 - Prob. 1DQCh. 13 - LO.2 Clint, a sell-employed engineering...Ch. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - LO.4 Mark and Lisa are approaching an exciting...Ch. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Describe the two additional Medicare taxes that...
Ch. 13 - Prob. 11CECh. 13 - Prob. 12CECh. 13 - LO.3 During 2019, Lincoln Company hires seven...Ch. 13 - Prob. 14CECh. 13 - Samuel and Annamaria are married, file a joint...Ch. 13 - Prob. 16CECh. 13 - Prob. 17CECh. 13 - LO.4, 8 Ava and her husband, Leo, file a joint...Ch. 13 - Prob. 19CECh. 13 - Prob. 20CECh. 13 - LO.5 In 2019, Bianca earned a salary of 164,000...Ch. 13 - Prob. 22CECh. 13 - LO.7 Determine the additional Medicare taxes for...Ch. 13 - Prob. 24PCh. 13 - LO.2 Oak Corporation has the following general...Ch. 13 - Prob. 26PCh. 13 - Prob. 27PCh. 13 - Prob. 28PCh. 13 - Prob. 29PCh. 13 - Prob. 30PCh. 13 - LO.4 Jason, a single parent, lives in an apartment...Ch. 13 - LO.4, 8 Joyce, a widow, lives in an apartment with...Ch. 13 - Prob. 33PCh. 13 - Prob. 34PCh. 13 - Prob. 35PCh. 13 - Prob. 36PCh. 13 - Prob. 37PCh. 13 - Prob. 38PCh. 13 - LO.5 During 2019, Greg Cruz (1401 Orangedale Road,...Ch. 13 - Prob. 40PCh. 13 - Jane, who is expecting to finish college in May...Ch. 13 - Julie, being self-employed, is required to make...Ch. 13 - Prob. 43PCh. 13 - Beth R. Jordan lives at 2322 Skyview Road, Mesa,...Ch. 13 - Prob. 45CPCh. 13 - Ashby and Curtis, married professionals, have a...Ch. 13 - Prob. 2RPCh. 13 - Prob. 4RPCh. 13 - Prob. 1CPACh. 13 - Prob. 2CPACh. 13 - Prob. 3CPACh. 13 - Prob. 4CPACh. 13 - Prob. 5CPA
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- Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.arrow_forwardBill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.arrow_forwardPaola and Isidora are married; file a joint tax return; report modified AGI of $146,675; and have one dependent child, Dante. The couple paid $13,590 of tuition and $9,930 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.arrow_forward
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