Problem 7-20 Education Tax Credits (LO 7.5) Jasper is single and a computer software consultant with a college degree. He feels that one of the reasons for his success is that he continually updates his knowledge by taking classes at the local college in various areas related to software design and information technology. This year he spent $2,000 on course tuition and fees. a. Assuming Jasper has AGI of $86,000, how much lifetime learning credit can Jasper claim on his tax return? $400 If Jasper were married and supporting a wife who was not working, how much lifetime learning credit can Jasper claim? $2.000 $160 $400 $800 $2,000 x Work Taxpayers can elect a nonrefundable tax credit based on a statutory percent of qualified expenses of up to $10,000 in 2022. The lifetime learning credit is available for qualified expenses paid for education of the taxpayer, his or her spouse, and dependents. The credit is available for undergraduate, graduate, or professional courses at eligible educational institutions. The lifetime learning credit is subject to a phase-out.