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Mr. and Mrs. Bighead have two dependent children, both attending Temple University. Buford, age 19 is a sophomore who received a 1098T from Temple for
Mr. and Mrs. Bighead have two dependent children, both attending Temple University. Buford, age 19 is a sophomore who received a 1098T from Temple for 2017 showing $15,000 of qualified tuition and fees. Brunhilda, age 23 attends Temple Law School and she received a 1098T from Temple showing $25,000 in qualified tuition and fees.
a)Assuming an AGI on their joint return for 2017 of $172,000, how much education tax credits do the Bigheads get to take on their tax return?
b) How would your answer in a) change if their AGI were $125,000?
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