Income Tax Credits (LO. 6)
Brendan and Theresa are married and have three children incollege. Their twin daughters, Christine and Katlyn, are freshmenand attend the same university. Their son, Kevin, is a graduatestudent. In 2020, Brendan and Theresa pay $12,100 in tuition andfees ($6,050 each) and $2,920 in textbooks ($1,430 and $1,490,respectively) for their daughters and $4,230 in tuition and feesfor Kevin and $350 in textbooks. The twins' room and board is$2,590, while Kevin's room and board is $1,310. Brendan and Theresahave an adjusted gross income of $72,100.
a. Brendan and Theresa can claim ______ as atax credit for the higher education expenses.
Round intermediate computations and final answer to thenearest dollar.
b. Assume that their adjusted gross income is$124,400, then they can claim _______ as a tax credit for thehigher education expenses.
c. Assume the same facts as in part a, exceptthat Kevin is a freshman and the twins are graduate students.Brendan and Theresa can claim ________ as a tax credit for thehigher education expenses.
