Holly and Greg have triplets (graduating high school seniors) who will all be enrolling in college...

 

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Holly and Greg have triplets (graduating high school seniors) who will all be enrolling in college in the fall. Holly and Greg pay $2,500 for Michael's tuition and fees, $4,000 for Sandra's tuition and fees, and $10,000 for Mariah's tuition and fees. a. Assuming Holly and Greg have an AGI of $1,000,000, what are the amounts of the American Opportunity Credit they can claim for Michael, Sandra, and Mariah? b. Assuming Holly and Greg have an AGI of $95,000, what are the amounts of the American Opportunity Credit they can claim for Michael, Sandra, and Mariah? Holly and Greg have triplets (graduating high school seniors) who will all be enrolling in college in the fall. Holly and Greg pay $2,500 for Michael's tuition and fees, $4,000 for Sandra's tuition and fees, and $10,000 for Mariah's tuition and fees. a. Assuming Holly and Greg have an AGI of $1,000,000, what are the amounts of the American Opportunity Credit they can claim for Michael, Sandra, and Mariah? b. Assuming Holly and Greg have an AGI of $95,000, what are the amounts of the American Opportunity Credit they can claim for Michael, Sandra, and Mariah?

Answer rating: 100% (QA)

American Opportunity Tax Credit is a credit for qualified education ... View the full answer