Margo Is Single and Has Twin Sons Who Are Freshmen

question 53

Essay

Margo is single and has twin sons who are freshmen in college and a daughter who is a junior during 2015.Margo also attends the local college and took one graduate course each semester.She pays $4,000 tuition and fees for each of the three children and $1,900 in tuition and fees for her courses.What are her allowable education credits if her AGI is $59,000?

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Definitions:

Capital Balances

The amount of money that owners have invested in a company plus any retained earnings or losses.

Net Income

The total profit of a business after all expenses and taxes have been deducted from total revenue.

Closing the Revenue

The process of transferring the balances from the revenue accounts to permanent accounts at the end of an accounting period.

Building Account

An account used to track the costs associated with constructing a building over a period of time.