Question
Brent has two college-age children, Curtis, a freshman at Cal State University, and Aubrey, a junior at Whittier College. Both Curtis and Aubrey are full-time
Brent has two college-age children, Curtis, a freshman at Cal State University, and Aubrey, a junior at Whittier College. Both Curtis and Aubrey are full-time students. Curtis expenses during the 2020 fall semester are as follows: $2,400 tuition, $250 books and course materials, and $1,600 room and board. Aubreys expenses for the 2020 calendar year are as follows: $10,200 tuition, $1,200 books and course materials, and $3,600 room and board. Tuition and the applicable room and board costs are paid at the beginning of each semester.
Bradley is married, files a joint tax return, claims both children as dependents, and reports a combined AGI with his wife Gina of $114,000 for 2020. Calculate the available education tax credit(s) for 2020. On who's tax return may these credits be claimed? Are there any limitations applicable to these credits. Why, why not? What if Curtis lives in an apartment near Cal State year round?
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