Julia and her husband Bill have two children who are in college. One is a freshman and the other is a sophomore. With the costly expense of having two children in college at the same time, they are hoping they will get some type of a break on their taxes. If they otherwise qualify, what is the maximum amount Julia and Bill may be able to claim on their tax return for the American Opportunity Credit? Select one: a. $5,000 b. $2,500 * This answer is incorrect. This is the maximum AOTC amount that the couple may be able to claim for one child c. $2,000 d. $4,000 Jesse's son had signed up for a second term at the junior college he was attending but decided to drop out after a few weeks and attend the police academy instead. He was not eligible for a refund of his tuition and fees. Which of the below statements is correct? Select one: a. Jesse can claim either the American Opportunity or the Lifetime Learning Credit for qualified education expenses not refunded when his son withdrew. b. Jesse can claim only a Schedule A itemized deduction since the term was not completed. c. Jesse cannot claim any expenses since the student withdrew. x This answer is incorrect. The taxpayer is not prohibited from deducting qualified education expenses that were not refunded when the student withdrew. Since the taxpayer did not receive a refund of expenses, he has paid the expenses, and thus, meets the requirement to claim a credit. 0 d. Jesse can claim only expenses paid for a completed school term