Exam (elaborations)
HRB-09 Education Benefits question and answers rated A+2024/2025
- Course
- Institution
HRB-09 Education Benefits question and answers rated A+2024/2025
[Show more]
Seller
Follow
Content preview
HRB-09 Education BenefitsAmerican Opportunity Credit (AOC) - ANSCredit for qualifying schooling expenses available for
tax years 2009 and 2010. The AOC may be in part refundable.
Hope Credit - ANS• A nonrefundable credit of as much as $1,800 per qualified scholar for
TUITION and FEES paid for the FIRST TWO YEARS of submit-secondary schooling.
• Midwestern disaster location pupil, see Form 8863.
NOTE: For years 2009 and 2010, the Hope credit is changed with the aid of the American
Opportunity Credit (the Hope credit might also apply to Midwestern disaster students for 2009).
Lifetime Learning Credit - ANS• Nonrefundable credit score of 20% of the primary $10,000 of
qualified HIGHER EDUCATION training and costs paid throughout the year on behalf of the
taxpayer, his spouse, or his dependents.
• Midwestern catastrophe place pupil, see Form 8863.
Tuition and Fees Deduction - ANS• An adjustment to earnings for QUALIFIED TUITION and
route-related charges.
• Either $four,000, $2,000 or zero in keeping with tax go back, based on profits.
• Computed on Form 8917
AOC Taxpayer Qualifications (4): - ANS• The taxpayer can pay qualified education expenses of
HIGHER EDUCATION.
• The qualified training charges are paid for an ELIGIBLE STUDENT.
• The eligible student is the taxpayer, partner or established for whom the taxpayer honestly
claims an EXEMPTION.
• The taxpayer chooses NOT to assert the HOPE credit score for any scholar in 2009.
AOC Taxpayer Disqualifications (6): - ANS• Filing popularity is MFS
• Taxpayer is a DEPENDENT on any return.
• MAGI is above $90,000 ($one hundred eighty,000 for MFJ).
• Taxpayer became a NONRESIDENT alien.
• Taxpayer claims the LIFETIME LEARNING CREDIT or the TUITION AND FEES deduction for
the equal scholar in 2009.
• Taxpayer claims the HOPE CREDIT for any student in 2009.
AOC Qualified Education Expenses (2) - ANS• Tuition and sure associated charges required for
enrollment or attendance at an eligible educational organization.
• Books, Supplies and equipment wanted for direction of study, no matter wherein purchased.
AOC Eligible Educational Institution - ANSCollege, University, Vocational school, Other
postsecondary instructional organization.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller studyexcellence. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
