Bob and Sally are married, file a joint tax return, report AGIof $115,000, and have two children. Del is beginning her freshmanyear at State College during Fall 2016, and Owen is beginning hissenior year at Southwest University during Fall 2016. Owencompleted his junior year during the Spring semester of 2015 (i.e.,he took a âleave of absenceâ during the 2015-2016 school year).Both Del and Owen are claimed as dependents on their parentsâ taxreturn.
Delâs qualifying tuition expenses and fees total $5,000 for theFall semester, while Owenâs qualifying tuition expenses were $6,100for the Fall 2016 semester. Delâs room and board costs were $3,200for the Fall semester. Owen did not incur room and board costs, ashe lived with his aunt and uncle during the year.
âFull payment is made for the tuition and related expenses forboth children at the beginning of each semester. In addition to thechildrenâs college expenses, Bob also spent $3,000 on professionaleducation seminars during the year in order to maintain his licenseas a practicing dentist. Bob attended the seminars during July andAugust 2016. Compute the available education tax credits for Boband Sally for 2016.
$3,100
$5,000
$5,480
$5,600
Bob and Sally are married, file a joint tax return, report AGIof $115,000, and have two children. Del is beginning her freshmanyear at State College during Fall 2016, and Owen is beginning hissenior year at Southwest University during Fall 2016. Owencompleted his junior year during the Spring semester of 2015 (i.e.,he took a âleave of absenceâ during the 2015-2016 school year).Both Del and Owen are claimed as dependents on their parentsâ taxreturn.
Delâs qualifying tuition expenses and fees total $5,000 for theFall semester, while Owenâs qualifying tuition expenses were $6,100for the Fall 2016 semester. Delâs room and board costs were $3,200for the Fall semester. Owen did not incur room and board costs, ashe lived with his aunt and uncle during the year.
âFull payment is made for the tuition and related expenses forboth children at the beginning of each semester. In addition to thechildrenâs college expenses, Bob also spent $3,000 on professionaleducation seminars during the year in order to maintain his licenseas a practicing dentist. Bob attended the seminars during July andAugust 2016. Compute the available education tax credits for Boband Sally for 2016.
$3,100 | ||
$5,000 | ||
$5,480 | ||
$5,600 |
