Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. alan and kara refundable american opportunity cred

alan and kara refundable american opportunity credit?Alan (27) and Kara (26) are married and filing...

50.1K

Verified Solution

Question

Accounting

alan and kara refundable american opportunity credit?Alan (27) and Kara (26) are married and filing a joint return. Both Alan and Kara were full-time students all year at State College, located at 11100 College Boulevard, Your City, Your State. During the year, Alan paid $5,000 in tuition and fees, substantiated with Form 1098-T. Kara paid $3,900 in tuition and fees, also substantiated with Form 1098-I. Both Alan and Kara have part-time jobs outside of school. They did not receive any scholarships during the year. Their adjusted gross income is $45,000. Their total tax on line 11 of their federal Form 1040 is $2,142. They had no additional taxes. Both Alan and Kara meet all the requirements to qualify for the American Opportunity Tax Credit. Complete Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits) for Alan and Kara.

what is the amount of Alan and Kara refundable American Opportunity credit?

a)$1990,B)$2142,c)$2985

What is the amount of Alan and Kara nonrefundable American Opportunity?

$2142,B)$2475,C)2,500,D)$2985

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Show that the set ℝ2R2, equipped with operations (?1,?1)+˜(?2,?2)=(?1+?2+1,?1+?2−1)(x1,y1)+~(x2,y2)=(x1+x2+1,y1+y2−1) ? ⋅˜ (?,?)=(??+?−1,??−?+1) (1)defines a vector space over ℝR. (2)Show...

Psychology
1.2K views

Please describe in full detail, how does culture influence human behavior?

Accounting
1.2K views

IRAC (Issue Rule Argument Conclusion) IRAC is a basic method to brief a case. To better...

Biology
1.2K views

Use the dichotomous key on page 1 to classify the protists in each of the...

Basic Math
1.2K views

The formulas for the volume of which of the following shapes were used in order...

Statistics
1.2K views

Find the value of Za ZO 44 Round to two decimal places as nee

Algebra
1.2K views

Find a point normal form of the equation of the plane passing through P 1...

Accounting
1.2K views

For 2017, Sherri has a short-term loss of $2,540 and a long-term...

Accounting
1.2K views

Kirk Furniture Company had net Accounts Receivable of $920,000 at the...

Accounting
1.2K views

managerial cost accounting, please help .. thank you ...

Accounting
1.2K views

Determining Cash Flows from (Used for). Operating Activities Yeoman lnc, reported the following data Prepsre...

Accounting
1.2K views

Emmitt Smith Corp. issues a 15% stock dividend. Emmitt Smith has 200,000 shares of $1...