Question
The Jameson family has the following higher education expenses in a tax year. All of the expenses are qualified expenses for the applicable American Opportunity
The Jameson family has the following higher education expenses in a tax year. All of the expenses are qualified expenses for
the applicable American Opportunity Credit and/or Lifetime Learning Credit. These expenses are not being used for any
other tax advantage.
Expenses Notes
John (father) $2,500 tuition for part-time MBA
Judy (mother) $1,700 courses toward MSE; Judy is a teacher.
Rachel (child) $3,500 third year, full time in BA program in art
Ben (child) $4,000 second year, full time in BS program in biology
Jenna (child) $2,000 first year, half time in BSBA program in accounting
a. Assuming they qualify by AGI, which and how many educational credits can the Jameson family take?
b. What is the total amount of educational credits that the Jamesons might take?
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