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In 2018, Laureen is currently single. She paid $2,560 of qualified tuition and related expenses for...

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In 2018, Laureen is currently single. She paid $2,560 ofqualified tuition and related expenses for each of her twindaughters Sheri and Meri to attend State University as freshmen($2,560 each for a total of $5,120). Sheri and Meri qualify asLaureen’s dependents. Laureen also paid $1,830 for her son Ryan’s(also Laureen’s dependent) tuition and related expenses to attendhis junior year at State University. Finally, Laureen paid $1,330for herself to attend seminars at a community college to help herimprove her job skills.

What is the maximum amount of education credits Laureen can claimfor these expenditures in each of the following alternativescenarios? (Leave no answer blank. Enter zero ifapplicable.)

a. Laureen's AGI is $45,000.


     

American opportunity credit=. ????

Lifetime learning credit= ?????

Answer & Explanation Solved by verified expert
3.8 Ratings (722 Votes)
As per American Opportunity tax credit the eligibility to avail the credit facility has to be fulfilled the following criteria When AGI is 80000 or less than it the maximum credit ie2500 can be allowed per student together with a refund of 40 of creditmaximum 1000 The nature of education should be post secondary education it also means under graduate courses can also be included However the credit    See Answer
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