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All of the following statements concerning educational funding are correct EXCEPT: A . The American Opportunity Tax Credit is a tax credit available for qualified
All of the following statements concerning educational funding are correct EXCEPT:
A The American Opportunity Tax Credit is a tax credit available for qualified tuition and enrollment fees incurred
in the first four years of postsecondary education for the taxpayer, spouse, or dependent.
B The Lifetime Learning Credit is a tax credit available for expenses paid for tuition and enrollment fees for
undergraduate, graduate or professional degree programs.
C Qualified education expenses, including tuition, fees, and room & board can be paid with Series EE and I
bonds allowing the interest earned to be excludable from taxable income.
D Factors used in calculating the SAI formerly the EFC include taxable and nontaxable income, assets, and
benefits, such as unemployment and Social Security.
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