1 The most advantage education credit for the wild family is the A. American opp

Question

1 The most advantage education credit for the wild family is the
A. American opportunity credit for $2500 as a nonrefundable credit
B. American opportunity credit for $1500 as a nonrefundable credit and $1000 as a refundable credit.
C lifetime learning credit for $2000 as a nonrefundable credit.
D. Lifetime learning credit for $1500 as a refundable credit
2 The amount of Paul and lori’s balance due or refund
A $3874 B $4938 C $5123 D $5852 Case Study 1 Prepare a return using BlockWorks BlockWorks shell return by will be generated by the software be able to re-access this returnSure in PRACTICE mode Access and use the the following four-digit code 5901 Auiu Be sure to niote this unique sheill SSN so that is complete, return to the test and anewe After the return preparation questions comp the as Taxpayer Information Paul Wild Taxpayer name Taxpayer SSN: XXX-XX-5901 SSN: Taxpayer DOB: February 1, 1967 12 months through his Health care employer 0 months of no coverage coverage: Spouse name: Lori Wild Spouse SSN: 749-59-2001 Spouse DOB: October 30, 1967 Health care 12 months through her coverage: spouse's employer 0 months of no coverage 431 O'Fallon Drive Your City, YS XXXXX /ro Address:

Explanation / Answer

1) 1) Ans :- American opportunity credit for $1500 as a nonrefundable credit and $1000 as a refundable credit As maximum $ 2500 is maximum eligible . and 40% of that amount is refundable i.e. $ 1000 is refundable credit and other 60 % is eligible for nonrefundable credit.

2)   

Adjusted gross total income (43475 - 1483 ( non refundable credit) 41992
income tax rate (15%) 6299
payment towards mortgage interest 2176
4123
refundable credit 1000
Tax refund or tax due with return
5123

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