Rebecca is an undergraduate at Big State University. She was awarded a $32,000 "full scholarship" which paid for her: • Tuition: $17,000 • Campus Housing: $6,500 • Books: $2,500 • Meals: $6,000 What amount of the scholarship must Rebecca include in her Gross Income? Group of answer choices $6,000. $9,000. $12,500. $19,500.
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- Kelly receives a $40,000 scholarship to Ivy University. She uses $30,000 on tuition and books, $5,000 for a used car, and $5,000 for rent while at school. Kelly will recognize _____ gross income. $0 $5,000 $10,000 $30,000 $40,000Kelly receives a $40,000 scholarship to Ivy University. She uses $35,000 on tuition and books and $5,000 for rent while at school. Kelly will recognize _______ gross income. a.$10,000 b.$5,000 c.$30,000 d.$0 e.$40,000Tom and Ashley have a daughter, Janice, who is 19-years-old and attending college as asophomore at a local public university. Her parents have the following expense with relations toher college: •$20,000 for annual college tuition •$500 in required fees for attending courses •$8,500 for room and board Using the above information, you have been asked to calculate their best option for an education deduction or tax credit. Tom and Ashley, make $115,000 per year. Among the three options for education tax benefit, show calculations for which one would be the best for them and what is the deduction/credit?
- Sally was an all-state soccer player during her junior and senior years in high school. She accepted an athletic scholarship from State University. The scholarship provided the following: Tuition and fees $15,000 Housing and meals $6,000 Books and supplies $1,500 Transportation $1,200 a. Determine the effect of the scholarship on Sally's gross income. Included in/Excluded from Income Tuition and fees Housing and meals Books and supplies Transportation b. Sally's brother, Willy, was not a gifted athlete, but he received $8,000 from their father's employer as a scholarship during the year. The employer grants the children of all executives a scholarship equal to one-half of annual tuition, fees, books, and supplies. Willy also received a $6,000 scholarship (to be used for tuition) as the winner of an essay contest related to bioengineering, his intended field of study. Indicate whether the following statements are "True" or "False" regarding the effect of the scholarships on Willy's and…Carmen is the beneficiary of an RESP. She just received an educational assistance payment of $5,000. Prior to the payment, her RESP had investment income of $23,000 and a CESG balance of $1,600. What portion of CESG is paid out in the EAP amount of $5000? Round all your calculations to the nearest dollar. Correct answer with explanation needed.Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $130,000. What is the maximum amount that Mina can contribute? Show your answer in Microsoft Excel.
- to pay for college, henry recjeves the following: 1,000 scholarships from the Thespian Club to pay for book, 4,000 scholorship from the elks lodge tuition, 5000 worth room and board as a dorm supervisor through a work study programLee, a candidate for a graduate degree, worked at the local golf course as a clubhouse employee and earned $15,000 in wages in 20X1. He also received the following scholarship awards from the university in 20X1: $20,000 for tuition, fees, books, and supplies required for courses $4,000 stipend for research services required by the scholarship What amount should Lee include as taxable income in 20X1? $39,000 $15,000 $19,000 $0Jesse is enrolled for one class at a local community college; tuition cost him $190. Jesse’s AGI is $20,000. Before considering a limitation due to tax liability, Jesse can take a lifetime learning credit of: a. $38 b. $0 c. $190 d. $100 e. $250
- I need the computation and the answer written in one solid paragraph. Julien and Sarah are married, file a joint return, and have two children, Kaya and Christopher. Kaya just finished her third year at college and Christopher just finished his first year of graduate school (fifth year of college). Tuition and books for the past year were $1,800 for Kaya and $5,000 for Christopher. How much can Julien and Sarah claim in educational credits if their joint AGI was $170,000 for 2022?Andrea entered into a § 529 qualified tuition program for the benefit of herdaughter, Joanna. Andrea contributed $15,000 to the fund. The fund balancehad accumulated to $25,000 by the time Joanna was ready to enter college. However,Joanna received a scholarship that paid for her tuition, fees, books, supplies,and room and board. So Andrea withdrew the funds from the § 529 plan and boughtJoanna a new car.a. What are the tax consequences to Andrea of withdrawing the funds?b. Assume instead that Joanna’s scholarship did not cover her room and board,which cost $7,500 per academic year. During the current year, $7,500 of thefund balance was used to pay for Joanna’s room and board. The remainingamount was left in the § 529 plan to cover her room and board for future academicyears. What are the tax consequences to Andrea and to Joanna of usingthe $7,500 to pay for the room and board?Vanessa Lazo was an amazing high school student and so it was no great surprise when she was accepted into Berkeley College. To entice Vanessa to attend Berkeley, the college offered her a reduced tuition of $13,000 per year (full-time tuition would typically be $43,000 per year). Berkeley also has a scholarship program thanks to a donation from William Gatos. Vanessa was the Gatos Scholarship winner and will receive a scholarship for $20,000. Vanessa will use the scholarship first to pay the $13,000 tuition and the remainder to cover room and board at Berkeley. Lastly, Berkeley also offered Vanessa a part-time job on campus as a lab assistant in the tech department for which she is paid $1500. Required: Go to the IRS website (www.irs.gov) and locate Publication 970. Review the section on Scholarships. Please let us know how much of the package is taxable.
