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  101) Nick and Katelyn paid $1,600 and $2,100 in qualifying

Question :   101) Nick and Katelyn paid $1,600 and $2,100 in qualifying : 2125638

 

101) Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada. Nicole is a sophomore and Naomi is a freshman. Nick and Katelyn's AGI is $202,000. What is their allowable American opportunity tax credit?

A) $0.

B) $2,000.

C) $3,060.

D) $3,700.

102) Matt is a single father. He paid $5,000 in qualifying expenses for his son, Kyle, to attend the University of Minnesota. Kyle is a sophomore. Matt's AGI is $47,000. What is his allowable American opportunity tax credit?

A) $0.

B) $2,500.

C) $4,000.

D) $5,000.

103) Kevin paid $2,550 in qualifying expenses for his daughter, Jasmine, who attended a community college. What is Kevin's lifetime learning credit without regard to AGI limitations or other credits?

A) $510.

B) $1,650.

C) $2,000.

D) $2,550.

104) Lupe paid the following expenses during December 2018 for her son David's spring 2019 college expenses. The semester begins in February 2019.

 

Tuition

$

16,000

Housing

 

6,000

Meal plan

 

2,500

 

In addition, David's grandfather paid $500 in fees on behalf of David directly to the college. David is claimed as a dependent on Lupe's tax return. How much of the above expenses qualify for purposes of Lupe's education credit deduction in 2018?

A) $8,500.

B) $16,000.

C) $16,500.

D) $24,500.

105) Arin and Bo have $74,000 total taxable income, which includes $13,500 of taxable income from France. They paid $1,600 in foreign income taxes, and their U.S. tax liability is $17,610. Arin and Bo's foreign tax credit is:

A) $0.

B) $600.

C) $1,600.

D) $3,213.

 

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