Trenton attends the University of Wyoming. He is an undergraduate student in Animal and Veterinary Sciences. He received a Form 1098-T, Tuition Statement. It showed that his tuition was $7,400 and that he received a $2,500 tax-free scholarship. What is the maximum qualifying expense that Trenton can take for any education credit?
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- Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2022 traveling in Europe and was not a college student. He had gross income of $4,655 in 2022. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2022, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2022 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…Zach attended Champion University during 2014-2018. He lived at home and was claimed by his parents as a deduction during the entire duration of his education. He incurred education expenses of $10,000 during college of which $2,000 was paid for by scholarships. To finance his education, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2019, he incurred $700 of interest on the federal loans and $300 on the lending institution loan. He filed a joint return with his spouse showing modified AGI of $128,000. What amount of student loan interest can Zach and his spouse deduct in 2019, if any?D is a single dad and has modified AGI of $52,000. This year D’s son begins studying for his bachelor’s degree as a half-time student at Arapahoe County Community College. On September 1, D pays $2,500 in qualified tuition for his son’s first semester. Determine the amount of credit available to D.
- Pete is a 26 year-old full-time student at ECU and made $5,000 by working at Publix this year. Pete lives with his grandparents and they provided at least 80% of Pete's financial support. Therefore, Pete's grandparents can claim him as a dependent on their federal income tax return this year (Gross income limit for qualifying elative is $4,200). O True O FalseHank was transferred from Phoenix to North Dakota on March 1 of the current year. He immediately put his home in Phoenix up for rent. The home was rented May 1 to November 30 and was vacant during the month of December. It was rented again on January 1 for six months. What expenses, if any, can Hank deduct on his return? Which deductions are for AGI, and which ones are from AGI?Linda and Richard are married and file a joint return for 2021. During the year, Linda, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk. Under a tuition reduction plan, Richard saved $4,000 in tuition fees during 2021. He is studying for a master's degree in business at night while still working full-time. Richard also had $30 worth of personal typing done by his administrative assistant at the University. What is the amount of fringe benefits that should be included in Linda and Richard's gross income on their 2021 tax return?
- In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit. Victor is a single taxpayer, and his modified adjusted gross income (MAGI) is $67,500. He determines he owes $3,500 in income tax for 2023. What is the amount of the New Clean Vehicle Credit Victor can claim on his Federal tax return?Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $29,000 from County Bank and paid interest of $1,740. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. a. Lionel's AGI before deducting interest on higher-education loans is $50,000. b. Lionel's AGI before deducting interest on higher-education loans is $79,000. c. Lionel's AGI before deducting interest on higher-education loans is $90,000Edward is attending school and had a financial emergency. He contacted his school's financial aid office and asked about a subsidized student loan, Edward's school facilitates these loans and determined that Edward qualifies for a $270 loan. Edward is able to repay the loan over the next 12 months while he is still in school. How much interest will Edward pay on this loan? O $0 because interest on subsidized loans does not accrue until Edward stops attending school. O $13.50 because the interest rate is 5%. O $6.75 because Edward has been making payments on the loan. None of the answer choices are correct.
- Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit Click here to access the 2020 Applicable Figure Table to use for this…preti is working at the local private hospital as an admin assistant. She would like a career in nursing so she enrolled in a Bachelor of Nursing degree hoping to eventually get a job as a nurse at this same private hospital. During the 2020 tax year Preti spent $20,000 on university fees (not HECS) and $500 on various books and stationery. She also studied a refresher course on hospital administration which cost $2,500 (not HECS) during the 2020 tax year. Advise Preti what tax deductions she may be able to claim for the year ended 30 June 2020. Your answer should refer to decided cases and legislationSelect the best answer. During the year Jake, age 20, took out a student loan and used the proceeds entirely for his college tuition. Jake is the only signer on the loan and is solely responsible for repayment of the loan. Which of the following statements is true regarding the support test in this situation? O A. The tuition is considered to be provided by the institution that provided the loan. OB. The tuition is considered to be provided by Jake. O C. The tuition is considered to be provided by Jake's parents. O D. Tuition is not support. m, Question Q1 Submit Answers 92% Complete Exit & Resume La block.csod.com/lms/scorm/clientLMS/Scorm 12lframeContainer.aspx?aicc_sid-AICCXvd FC TiXtc1JfwhoH-hadA&aicc_url=https://hrblock.csod.com/LMS/scorm/aicc.aspx
