BUSINESS HIGH SCHOOL

What is the total American Opportunity & Lifetime tax credit the Jones family can take, given the following information? 1) Sally is a sophomore and incurs $5,000 in education expenses. 2) Tommy is in grad school and incurs $7,000 in education expenses. 3) Mom, who has a 4 year degree, goes back to school and incurs $4,000 in education expenses.

Answers

Answer 1
Answer:

Answer:

American opportunity tax credit is $ 2500 & lifetime learning credit is $2000

Explanation:

a student who qualifies for american opportunity credit can claim a credit of upto $ 2500 for adjusted qualified education expense paid for each student.

lifetime learning credit is for post secondary courses and for adults and also for continuing education courses. the credit is $ 2000 per year and not per student.
Answer 2
Answer:

Final answer:

The Jones family can claim a total of $4,700 in American Opportunity and Lifetime Learning tax credits for their education expenses. This includes $2,500 for Sally's undergraduate expenses under American Opportunity Credit and $2,200 for Tommy's and Mom's expenses under the Lifetime Learning Credit.

Explanation:

The Jones family can claim tax credits for education under the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). However, these credits have different rules and limitations.

For Sally, as she is a sophomore (undergraduate), her education expenses are eligible for the American Opportunity Credit. This credit is worth up to $2,500 per eligible student, 100% of the first $2,000 of qualified education expenses and 25% of the next $2,000. Here, considering Sally's expense of $5,000, she would be eligible for the full credit of $2,500.

Tommy, being in grad school, is not eligible for the AOC, but he can claim the Lifetime Learning Credit (LLC). The LLC allows a credit of up to $2,000, which is calculated as 20% of the first $10,000 of qualified education expenses. In Tommy's case, this would equate to a credit of $1,400 (20% of $7,000).

The Mom, who goes back to school, is also eligible for the LLC, providing a credit of $800 (20% of $4,000).

Hence, the total credit the Jones family can claim would add up to $4,700 ($2,500 from AOC for Sally and $2,200 from LLC for Tommy and Mom combined).

Learn more about Educational Tax Credits here:

brainly.com/question/32540055

#SPJ3

Related Questions

When Brian had 2 years left in college, he took out a student loan for $14.505. The loan has an annual interest rate of 7.8%. Brian graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation According to the terms of the loan, Brian will make monthly payments for 10 years after graduation. During the 2 years he was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financat formulas: 5 ? (a) If Brian's loan is subsidized, find his monthly payment. Subsidized loan monthly payment: s[ (b) If Brian's loan is unsubsidized, find his monthly payment. Unsubsidized loan monthly payment:
Doug, as a new project manager, has been described by his subordinates as not being a servant leader. Which of the following items is an example of Doug not being a servant leader? a) Doug asks his team how he can help them on a difficult project, and then follows through on their requests. b) Doug uses the last five minutes of every meeting to praise team members by highlighting what they have contributed to the project. c) Doug tells his employees that he needs to know everything that is going on in the department, especially if someone is NOT buying in to the project goals. d) Doug orders lunch to be brought in from a local restaurant, as means of thanking his employees while working on a project with a tight deadline.
Why is simple interest useful for planning parts of your financial future?a. Simple interest can endure unforeseen economic changes by fluctuating. b. Simple interest generates more money than any other source of income. c. Simple interest grows more quickly if you invest in it longer. d. Simple interest is very regular and can be calculated in advance.
According to the information presented in this​ video, a spreadsheet is effective for managing information about one thing​ (e.g., items for​ sale), but a​ _____ is better for managing information about more than one thing​ (e.g., items for sale and suppliers of​ items).
What technology uses a standard web browser to provide information, and gives the wireless user the opportunity to agree to a policy or present valid login credentials, providing a higher degree of security?

Justify the establishment of a state-owned company

Answers

State-owned companies are usually found to have control over something that is necessary for the well-being of the state. For example, a road building company will often be found in various states as a state owned enterprise because it can build all roads throughout the state and create a standard that is never different. This prevents private companies from monopolizing with toll prices, or from stealing, making lower quality roads, and similar.

Conformance quality addresses whether the product was made or the service performed to specifications. True False

Answers

Answer:

It's true

Explanation:

Quality as compliance is a concept of quality based on the product, whose main objective is to meet a set of characteristics that can be measured and established by the manufacturer to satisfy the customer, which implies a technical concept of quality.

The concept would be admissible when it is easy and possible to correctly identify the specifications. The main advantages:

• Ease of measurement

• It forces management to disaggregate all the components of the product, in order to establish the quality parameters.

• It is useful to clarify the responsibilities as operators and supervisors

• Efficiency improvement

However, it also has some drawbacks:

• It is oriented towards the product, towards internal efficiency (not towards the customer).

• A continuous redefinition of specifications

State-of-the-art security is foolproof. a) True b) False

Answers

Answer:

False

Explanation:

  • Security is never foolproof
  • The term foolproof is a misnomer.
  • Identify and Inventory assets, Classify and prioritize assets, and Identify and prioritize threats
  • Risk assessment: Identify vulnerabilities between assets and threats, and Identify and quantify asset exposure.

Long-term goals cannot be accomplished immediately.

Answers

Exactly, it cannot be accomplished immediately. That's why is it called as long term goals, because you need a long time to be able to achieve this goals. Usually long term goals need a lot of patient, perseverance and good performances to be able to achieve it.

THE ANSWER IS TRUE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The balance of payment account is made up of:a. an investment account and a consumption account.
b. a current account and a financial and capital account.
c. a monetary account and a fiscal account.
d. an import account and an export account.

Answers

I believe the answer is d. Hope this helps!!!!:)

Whether you are dealing with a loan or a credit card, the amount of interest your payment includes each month is known as what?Finance charge

Minimum payment

Principal

Annual percentage rate (APR)

Answers

Answer:

Finance charge

Explanation:
Other Questions
For a profit-maximizing monopoly that charges the same price to all consumers, what is the relationship between price P, marginal revenue MR and marginal cost MC?
In one or more complete sentences, explain the details and requirements to obtain a driver license.
What is a Job?1. Work that you do for pay2. refers to any useful activity.3. Series of related jobs or occupations.4. A career of jobs.
​Historically, stocks have delivered a​ ________ return on average compared to Treasury bills but have experienced​ ________ fluctuations in values.