<span>Annual gross income is the amount of money you make BEFORE taxes. Your adjusted gross income is how much money you make before taxes, MINUS anything you can deduct. You can deduct many things, like student loan interest payments and alimony. So, you would have an adjustment if you paid for student loans this year. If your gross income (not adjusted) is $20,000 and you paid $1000 on student loan interest, your adjusted gross income is $19000. The IRS will then see your income as only $19000 instead of $20,000 and will tax you on that lower amount.</span>
Answer: i don’t remember this that well but i think u have to add the two numbers
Explanation:
Answer: $0
Explanation:
From the question, we are informed that Nick and Katelyn paid $1,600 and $2,100 in qualifying expenses for their two daughters, Nicole and Naomi, respectively, to attend the University of Nevada and that Nicole is a sophomore and Naomi is a freshman.
We are further told that Nick and Katelyn's AGI is $202,000. Based on the above scenario, their allowable American opportunity tax credit will be $0. This is because when AGI is more than $180,000 for such taxpayers, the credit is being phased out.
I believe the answer would be “B. Decrease” apologies if it’s incorrect!
