Reference no: EM133197470
Kevin and Sara have two children, ages 8 and 14. Kevin earned a salary of $230,000 and Shuang earned a salary of $48,000. The couple had interest income of $5,000 for the year and contributed a total of $12,000 to Individual Retirement Accounts. What is the amount of the couple's child and dependent tax credit for 2021? $________________
Jermaine and Kesha are married, file a joint tax return, have AGI of $162,500, and have two children. Devona is beginning her freshman year at State University during fall 2021, and Arethia is beginning her senior year at Northeast University during fall 2021 after having completed her junior year during the spring of that year. Both Devona and Arethia are claimed as dependents on their parents' tax return.
Devona's qualifying tuition expenses and fees total $3,700 for the fall semester and Arethia's qualifying tuition expenses and fees total $6,200 for each semester during 2021. Full payment is made for the tuition and related expenses for both children during each semester. The American Opportunity credit available to Jermaine and Kesha for 2021 is: $___________
Martha is filing jointly with her husband, John. Both are in school for graduate degrees (both have undergraduate degrees). Martha paid $7,000 for tuition and John paid $14,500 in tuition during 2021. Their AGI for 2021 is $162,000. Assuming that the couple is insistent on using tax credits instead of the education deduction, how much tax credit is available for the couple on their 2021 federal income tax return and what type, American Opportunity Credit or Lifetime Learning Credit? Please format your answer as XXXX/AOC or LLC
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