Education credits are complex, and the rules are different for each credit. Which of the following accurately describes some of the differences between the American Opportunity Tax Credit (AOTC) and the lifetime learning credit? The lifetime learning credit is not a refundable credit, while up to $2,500 of the AOTC may be refundable. The credit for AOTC may be as much as $2,500 per eligible student, while the maximum amount of the lifetime learning credit is $2,000 per tax return. Up to 40% of the AOTC may be refundable. The amount of the lifetime learning credit is 20% of qualified educational expenses, and there is no cap on the amount of expenses. The credit for AOTC may be as much as 100% of the first $4,000 of expenses per eligible student, while the amount of the lifetime learning credit is only 20% of the first $10,000 of qualified expenses. Margaret works for a privately held corporation. She contributes to her employer's retirement savings plan through regular payroll deductions. Her contributions are tax-deferred, and so are her earnings in the plan. Her employer matches part of her contributions. Margaret most likely participates in which of the following types of employer- sponsored retirement plans? Pension plan. Annuity. 401(k) plan. 403(b) plan. In 2019, Erin (38) contributed $2,000 to a traditional IRA. She is single, and her modified adjusted gross income (MAGI) is $31,000, all from wages. Erin has never taken a distribution from any retirement account. She is potentially eligible for a retirement savings contributions credit (Saver's Credit) of up to $0 $200 $400 $500