In 2018, Elaine paid $2,360 of tuition and $780 for books forher dependent son...

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Accounting

In 2018, Elaine paid $2,360 of tuition and $780 for books forher dependent son to attend State University this past fall as afreshman. Elaine files a joint return with her husband. What is themaximum American opportunity credit that Elaine can claim for thetuition payment and books in each of the following alternativesituations? a. Elaine’s AGI is $101,000. b. Elaine's AGI is$161,500 c. Elaine's AGI is $230,000

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Formula sheetABCDEFGHIJKLM23A single taxpayer with AGI of 80000 or less andjoint taxpayer with AGI 160000 or less are eligible for Americanopportunity tax credit4Phaseout of credit occurs for single taxpayers forAGI between 80000 and 90000 and for joint tax filers between160000 and 1800005The credit is not See Answer

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In: AccountingIn 2018, Elaine paid $2,360 of tuition and $780 for books forher dependent son to...In 2018, Elaine paid $2,360 of tuition and $780 for books forher dependent son to attend State University this past fall as afreshman. Elaine files a joint return with her husband. What is themaximum American opportunity credit that Elaine can claim for thetuition payment and books in each of the following alternativesituations? a. Elaine’s AGI is $101,000. b. Elaine's AGI is$161,500 c. Elaine's AGI is $230,000