Brendan and Theresa are married and have three children in college. Their twin daughters, Christine...
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Brendan and Theresa are married and have three children in college. Their twin daughters, Christine and Katlyn, are freshmen and attend the same university. Their son, Kevin, is a graduate student. Brendan and Theresa pay $12,280 in tuition and fees ($6,140 each) and $2,700 in textbooks ($1,380 and $1,320, respectively) for their daughters and $4,290 in tuition and fees for Kevin and $370 in textbooks. The twins' room and board is $2,500, while Kevin's room and board is $1,470. Brendan and Theresa have an adjusted gross income of $71,600.
a. Brendan and Theresa can claim $_____ as a tax credit for the higher education expenses.
Round your answers to the nearest whole dollar.
b. Assume that their adjusted gross income is $113,000, then they can claim $______ as a tax credit for the higher education expenses.
c. Assume the same facts as in part a, except that Kevin is a freshman and the twins are graduate students. Brendan and Theresa can claim $_____ as a tax credit for the higher education expenses.
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