FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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In 2022, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of
Colorado during academic year 2022-2023. Alyssa was in her first year of college and attended full-time.
Tuition and fees (for fall semester 2022)
Tuition and fees (for spring semester 2023)
Required books
Room and board
$2,270
1,195
1,480
1,650
The spring semester at the University of Colorado begins in January. In addition to the above, Alyssa's uncle Devin sent $550 for her
tuition directly to the University. Jeremy and Celeste have modified AGI of $170,000.
Required:
What is the amount of qualifying expenses for the purposes of the American Opportunity Tax credit (AOTC) in tax year 2022? What is
the amount of qualifying expenses and the amount of AOTC that Jeremy and Celeste can claim based on their AGI?
Qualifying expenses for the AOTC
AOTC claimable
Amounts
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Transcribed Image Text:In 2022, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado during academic year 2022-2023. Alyssa was in her first year of college and attended full-time. Tuition and fees (for fall semester 2022) Tuition and fees (for spring semester 2023) Required books Room and board $2,270 1,195 1,480 1,650 The spring semester at the University of Colorado begins in January. In addition to the above, Alyssa's uncle Devin sent $550 for her tuition directly to the University. Jeremy and Celeste have modified AGI of $170,000. Required: What is the amount of qualifying expenses for the purposes of the American Opportunity Tax credit (AOTC) in tax year 2022? What is the amount of qualifying expenses and the amount of AOTC that Jeremy and Celeste can claim based on their AGI? Qualifying expenses for the AOTC AOTC claimable Amounts
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