Q: Susan and Stan Collins live in Iowa, are married and have
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 and Stan’s is $12,000 and both are self-emp...
See AnswerQ: Using the information in the previous question, assume that the Collins’
Using the information in the previous question, assume that the Collins’ Form 1095-A also indicated that the total advance payment of the premium tax credit was $9,200. Calculate the excess advance pr...
See AnswerQ: Hardy and Dora Knox are married and file a joint return for
Hardy and Dora Knox are married and file a joint return for 2019. Hardy’s Social Security number is 466-47-3311 and her birthdate is January 4, 1975. Dora’s Social...
See AnswerQ: Janie graduates from high school in 2019 and enrolls in college in
Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie’s parents have AGI of $170,000, what is the American Op...
See AnswerQ: Martha and Lew are married taxpayers with $400 of foreign tax
Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $400 as a foreign tax...
See AnswerQ: Carl and Jenny adopt a Korean orphan. The adoption takes 2
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses. In 2019, C...
See AnswerQ: Mike bought a solar electric pump to heat his pool at a
Mike bought a solar electric pump to heat his pool at a cost of $2,500 in 2019. What is Mike’s credit?
See AnswerQ: In 2019, Jeff spends $6,000 on solar panels
In 2019, Jeff spends $6,000 on solar panels to heat water for his main home. What is Jeff’s credit for his 2019 purchases?
See AnswerQ: George and Amal file a joint return in 2019 and have AGI
George and Amal file a joint return in 2019 and have AGI of $39,800. They each make a $1,600 contribution to their respective IRAs. Assuming that they are not eligible for any other credits, what is t...
See AnswerQ: Diane is a single taxpayer who qualifies for the earned income credit
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2019, Diane’s wages are $18,900 and she receives dividend inc...
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