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In 2023, Laureen is currently single. She paid $2,440 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri
In 2023, Laureen is currently single. She paid $2,440 of qualified tuition and related expenses for each of her twin daughters Sheri and Meri to attend State University as freshmen ($2,440 each, for a total of $4,880). Sheri and Meri qualify as Laureen's dependents. Laureen also paid $1,770 for her son Ryan's (also Laureen's dependent) tuition and related expenses to attend his junior year at State University. Finally, Laureen paid $1,270 for herself to attend seminars at a community college to help her improve her job skills. What is the maximum amount of education credits Laureen can claim for these expenditures in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. c. Laureen's AGI is $45,000, and Laureen paid $12,140 (not $1,770) for Ryan to attend graduate school (i.e., his fifth year, not his junior year). Description American opportunity tax credit Lifetime learning credit Credits
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Answer To determine the maximum amount of education credits Laureen can claim we need to consider the American Opportunity Tax Credit AOTC and the Lif...Get Instant Access to Expert-Tailored Solutions
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