1. How is the moving expense deduction computed? (Computation template with brief explanation) 2. How do you compute the allowable medical expenses? (Computation template with brief explanation)
1. How is the moving expense deduction computed? (Computation template with brief explanation) 2. How do you compute the allowable medical expenses? (Computation template with brief explanation)
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nstructions : Choose the best multiple choice answer and explain why you chose the answer. MUST provide 2-3 sentence brief explanation and show all work. All sources must be noted.
____ 19. Which of the following statements is true regarding the education tax credits?
| a. | The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. |
| b. | The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. |
| c. | The American Opportunity credit is calculated per taxpayer, while the lifetime learning credit is available per eligible student. |
| d. | Continuing education expenses do not qualify for either education credit. |
| e. | None of the above statements is true. |
