Question
Lisa and Robin are married and file a joint return. Their AGI is $110,000. They have two qualifying dependent children: Sam and Gabe. Assume both
Lisa and Robin are married and file a joint return. Their AGI is $110,000. They have two qualifying dependent children: Sam and Gabe. Assume both children have completed 4 years of college. This year Lisa and Robin paid $6,000 in tuition and $10,000 in room and board for Gabe. They paid $3,000 for Sam's tuition and $0 for his room and board since he lived at home. Sam and Gabe are full-time students. What is the total amount of the education credits (American Opportunity and lifetime learning credits) available to Lisa and Robin? $4,750 American Opportunity credit. $1,800 lifetime learning credit. $2,500 American Opportunity credit and $600 lifetime learning credit. $2,250 American Opportunity credit and $1,200 lifetime learning credit. $0.
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