Question

ANSWER ASAP-- In one year, Corey earned $25,000 from his employer and a $300 capital gain from the sale of an investment. Corey doesn’t qualify for any deductions, but he can claim the lifetime learning credit.
Corey’s adjusted gross income is BLANK
and his total tax due will be (decreased or increased)
by the credit.

Answer 1

Answer:

Corey’s adjusted gross income is $25,300  and his total tax due will be decreased by the credit.

Explanation:

Add what Cory earned and his capital gain to make $25,300

Cory claimed the lifetime learning credit which decreases his total tax due