American Opportunity Tax Credit: Peter and Izzy are married, file a joint return, and have twin dependent children, Mason & Jason. Mason & Jason are both juniors in college and this year their parents paid $2,800 each for their tuition and $3,000 each for their dorm rooms. Peter and Izzy earn a modest amount of income and their AGI is below any phase-out levels. Calculate the total AOTC that Peter and Izzy can claim on their tax return related to Mason & Jason’s college expenses

Answer rating: 100% (QA)

The American Opportunity Tax Credit AOTC allows taxpayers to claim a credit for qualified educatio... View the full answer