Joshua is a 25-year-old graduate school student who paid $15,000 in tuition and fees to an eligible educational institution in 2019.He received a Form 1098-T.Joshua works part-time at a local firm and had wages of $22,500.He has no other income or nonrefundable tax credits.His tax liability on Form 1040, line 12a is $1,045.What is the amount of his education credit for 2019?

Select one:

a.$3,000

b.$1,045

c.$2,500

d.$2,000This answer is incorrect.The maximum amount of the Lifetime Learning Credit is $2,000.However, the taxpayer needs to consider other limiting factors.