Bernadette Rosen, a longtime client of yours, is an architect and the president of the local Rotary chapter. To keep up to date with the latest developments in her profession, she attends continuing education seminars offered by the architecture school at State University. This year, Bernadette spends $2,000 on course tuition to attend such seminars. She spends another $400 on architecture books during the year.
Bernadette’s dependent son Colin is a senior majoring in engineering at the University of the Midwest. During the calendar year, Colin incurs the following expenses: $8,200 for tuition ($4,100 per semester) and $750 for books and course materials. Colin lives at home while attending school full-time. Bernadette is married, files a joint return, and reports a combined AGI with her husband Morrie of $114,000.
a. Calculate Bernadette’s education tax credits for these items.
b. In her capacity as president of the local Rotary chapter, Bernadette has asked you to present a 20- to 30-minute speech outlining the different ways the tax law helps defray (1) the cost of higher education and (2) the cost of continuing education once someone is in the workforce. Prepare an outline of possible topics for presentation. A tentative title for your presentation is “How Can the Tax Law Help Pay for College and Continuing Professional Education?”
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