Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Saras daughter Tara completed her senior year of college in 2017. Sara paid $5,000 in qualified education expenses for Tara in 2017. Sara is a
Saras daughter Tara completed her senior year of college in 2017. Sara paid $5,000 in qualified education expenses for Tara in 2017. Sara is a single taxpayer and has an AGI of $50,000 for 2017. What, if any, education credit may Sara claim and how much is the credit?
| a. | American Opportunity Tax Credit in the amount of $1,800. |
| b. | Lifetime Learning Credit in the amount of $2,000. |
| c. | Sara is not eligible to claim an education credit. |
| d. | American Opportunity Tax Credit in the amount of $2,500. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started