Question
Anthony and Judy are married with a daughter, Jessica, attending college. Their AGI for 2020 is $175,000. Jessica is in her 3 rd year at
Anthony and Judy are married with a daughter, Jessica, attending college. Their AGI for 2020 is $175,000. Jessica is in her 3rd year at college and a full-time student. Her costs for the year were $3000 in tuition, $6000 in room and board, and $500 in textbooks and supplies. Anthony is also working towards his Masters Degree, paying $10,000 in tuition.
2 Part question. Please label your answers clearly. A. How much, if any, American Opportunity credit can Anthony and Judy take? B. How much, if any, Lifetime Learning Credit credit can Anthony and Judy take?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started