Business, 13.04.2021 03:20 sibr4566

In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. 1. A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a full-time college freshman,
2. A single individual with modified AGI of $44,500 and expenses of $3,800 for child who is a full-time college junior
3. A couple, married filing jointly, with modified AGI of $79,300 and expenses of $8,000 for a child who is a full-time graduate student.

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