Problem 7-20 (Algorithmic) Education Tax Credits (LO 7.5)

Janie graduates from high school in 2018 and enrolls in college in the fall. Her parents (who file a joint return) pay $14,100 for her tuition and fees.

If required, round your computations to the nearest whole value.

a. Assuming Janie's parents have AGI of $168,800, what is the American Opportunity tax credit they can claim for Janie? $

b. Assuming Janie's parents have AGI of $67,520, what is the American Opportunity tax credit they can claim for Janie? $