Tom and Anita Are Married,file a Joint Return with an AGI

question 40

Essay

Tom and Anita are married,file a joint return with an AGI of $165,000,and have one dependent child,Tim,who is a first-time freshman in college.The following expenses are incurred and paid in 2013:
What is the maximum education credit allowed to Tom and Anita?

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Definitions:

Liabilities

Financial obligations or debts that a company or individual owes to others.

Expenses

Costs incurred in the process of generating revenue, including operating expenses, cost of goods sold, and other overheads.

Accounting

The systematic process of recording, analyzing, summarizing, and reporting the financial transactions of a business or individual.

Recordkeeping

The process of maintaining records or documents that track an organization's financial transactions and history.