Nicholas, sigle 23 years old and attended university in 2022. His T2202 shows 8 months full time with $5,800 of eligible guition fees. He also paid $1,300 for books and additional $2,400 for expenses directly related to his studies. Nicholas income for the year was a scholarship of $5,000 and $18, 200 from a part time job. Line 99 from his return is $16,800. What amount goes on Line 13010? $0 $1,300 $1,700 $5,000

Nicholas, sigle 23 years old and attended university in 2022. His T2202 shows 8 months full time with $5,800 of eligible guition fees. He also paid $1,300 for books and additional $2,400 for expenses directly related to his studies. Nicholas income for the year was a scholarship of $5,000 and $18, 200 from a part time job. Line 99 from his return is $16,800. What amount goes on Line 13010? $0 $1,300 $1,700 $5,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 13MCQ: Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified...

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In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________
Linda and Richard are married and file a joint return for 2019. During the year, Linda who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk. Under a tuition reduction plan, Richard saved $4,000 in tuition fees during 2019. He is studying for a master's degree in business at night while still working full-time. Richard also had $30 worth of personal typing done by his administrative assistant at the University. What is the amount of fringe benefits that should be included in Linda and Richard's gross income on their 2019 tax return? $__________
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