421 chapter 13 in-class problems-completed

421 chapter 13 in-class problems-completed - 39 50,000...

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39 50,000 Foreign taxable income x 17,375 118,250 Worldwide taxable income 100,000 18,250 118,250 26,000 foreign taxes paid (7,347) less credit allowed 18,653 unused foreign taxes 10 years carryforward 1 year carryback 42 a the son is 17 years of age or older and therefore, does not q the other two children do. 1000 each child * 2 = 2,000 b AGI 122,000 threshold (110,000) Excess 12,000 divide by $1,000 = 2,000 maximum credit available (600) less phase-out amount 1,400 allowable child tax credit for 2009 43 Assume that their AGI if $78,200, therefore, their credit is calculated as fo 6,000 (2 children @ $3,000 each maximum) 20% 1,200 child and dependent care tax credit for 2009 45 2,000 100% fo first $2,000 500 25% of up to next $2.000 2,500 American Opportunity credit for son
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2,000 tuition (books not availble for Lifetime Learning 20% 400 Maximum available Lifetime Learning Credit (60) less amount phased out (see below) 340 Lifetime learning credit 103,000 AGI (100,000) threshold amount 3,000 excess over threshold amount 20,000 Threshold range (100,000-120000) AO credit 2,500 LL credit 340 2,840 total education tax credits for 2009 49 Total Personal Special a 2 1 1 b 3 2 1 c 5
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421 chapter 13 in-class problems-completed - 39 50,000...

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