FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In 2022, Laureen is currently single. She paid $2,580 of qualified tuition and related expenses for each of her twin daughters, Sheri and Meri, to attend State University as freshmen (a total of $5,160). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,840 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,340 for herself to attend seminars at a community college to help her improve her job skills.

What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios?

Note: Leave no answer blank. Enter zero if applicable.

**Required:**

a. Laureen's AGI is $45,000.

b. Laureen's AGI is $95,000.

c. Laureen's AGI is $45,000, and Laureen paid $12,280 (not $1,840) for Ryan to attend graduate school (i.e., his fifth year, not his junior year).

---

**Complete this question by entering your answers in the tabs below.**

**Required B**

Laureen's AGI is $95,000.

| Description                     | Credits |
|---------------------------------|---------|
| American opportunity tax credit | $0      |
| Lifetime learning credit        | $0      |
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Transcribed Image Text:In 2022, Laureen is currently single. She paid $2,580 of qualified tuition and related expenses for each of her twin daughters, Sheri and Meri, to attend State University as freshmen (a total of $5,160). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,840 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,340 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. **Required:** a. Laureen's AGI is $45,000. b. Laureen's AGI is $95,000. c. Laureen's AGI is $45,000, and Laureen paid $12,280 (not $1,840) for Ryan to attend graduate school (i.e., his fifth year, not his junior year). --- **Complete this question by entering your answers in the tabs below.** **Required B** Laureen's AGI is $95,000. | Description | Credits | |---------------------------------|---------| | American opportunity tax credit | $0 | | Lifetime learning credit | $0 |
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