What tax credits would the smiths qualify for


Problem: Patrick and Jennifer Smith are married with 2 dependents: Daughter Amy, age 12 and Son Jim, 21 a full-time college student. The Smiths are both employed and have a combined AGI of $150,000. The Smiths paid $3,000 in day care expenses for Amy and $10,000 college tuition for Jim. The Smiths each contributed $2,000 to traditional IRA's The Smiths paid $1500 in student loan interest. Which of the following tax credits would the Smiths qualify for? Check all that apply. Group of answer choices Earned income credit Child tax credit American opportunity credit Credit for child and dependent care expenses Credit for qualified retirement savings Student loan interest credit

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What tax credits would the smiths qualify for
Reference No:- TGS03424993

Expected delivery within 24 Hours