Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents pay $12,000 for his tuition and fees. a. Assuming Austin’s parents have AGI of $73,000, what is the American Opportunity credit they can claim for John? Explain. b. Assuming Austin’s parents have AGI of $174,000, what is the American Opportunity credit they can claim for John? Explain.
Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents pay $12,000 for his tuition and fees. a. Assuming Austin’s parents have AGI of $73,000, what is the American Opportunity credit they can claim for John? Explain. b. Assuming Austin’s parents have AGI of $174,000, what is the American Opportunity credit they can claim for John? Explain.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Austin graduates from high school in 2020 and enrolls in a private college in the fall. His parents pay $12,000 for his tuition and fees.
a. Assuming Austin’s parents have AGI of $73,000, what is the American Opportunity credit they can claim for John? Explain.
b. Assuming Austin’s parents have AGI of $174,000, what is the American Opportunity credit they can claim for John? Explain.
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