Daniela and Manuel (marginal tax rate 22%, AGI $120,000) are paying for their son Danilo's college from their regular savings account. This year, tuition at Danilo's eligible university was $4,000.


B. What is the tax benefit (in dollars) to Daniela and Manuel of claiming the American Opportunity Credit for the tuition expense?

Answer rating: 100% (QA)

To calculate the tax benefit of claiming the American Opportunity Credit for the tuition expense we ... View the full answer