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Daughter Judy (age 23) His boy Elroy (age 18) The Jetsons need your expert advice conceming Education Tax Benefits. Assess each year and recommend the
Daughter Judy (age 23) His boy Elroy (age 18) The Jetsons need your expert advice conceming Education Tax Benefits. Assess each year and recommend the best tax treatment. Even though we are working through multiple years, assume standard deduction, etc. for the current tax year and all qualified in terms of timing. Year 1. Judy is a fulltime student at Space University. This is her first year in college. She is planning to major in accounting and was awarded a $1,000 scholarship. Total tuition and fees is $4,400. The Jetsons paid the remaining tuition and fee balance. a. Calculate amount of the American Opportunity Credit (if applicable). Taxpayer can claim AOC for any qualified dependent (see the education summary posted and your textbook, of course). So, if this was Octo-mom and she had 8 kids that qualified for AOC. she could claim an AOC for each kid. b. Calculate the Lifetime Learning Credit (LLG). The Maximum base (eligible fees) of LLC=$10,000 per household/tax return. So, if this is Octo-mom, the base of this credit is limited to $10,000. c. What is best option
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