What is the total American Opportunity & Lifetime tax credit the Jones family can take, given the
Question:
What is the total American Opportunity & Lifetime tax credit the Jones family can take, given the following information?
1) Sally is a sophomore and incurs $5,000 in educational expenses.
2) Tommy is in graduate school and incurs $7,000 in educational expenses.
3) Mom, who has a 4-year degree, goes back to school and incurs $4,000 in education expenses
The A-American Opportunity tax credit is $1,650 and the Lifetime Learning Credit is $2,200.
B-Lifetime Learning Credit is $1,650 and American Opportunity Tax Credit is $2,200.
The C-American Opportunity Tax Credit is $2,500 and the Lifetime Learning Credit is $2,000.
D-Lifetime Learning Credit is $2,500 and American Opportunity Tax Credit is $2,000.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill