Question
Which of the following statement is false about education tax credit AOTC / Lifetime Learning Credit? Group of answer choices A taxpayer is allowed to
Which of the following statement is false about education tax credit AOTC / Lifetime Learning Credit? Group of answer choices
A taxpayer is allowed to receive a double benefit for the same qualified education expense. For example, a taxpayer can claim both the AOTC and Lifetime Learning Credit for the same child in the same year or for the same qualified education expenses.
The Lifetime Learning Credit provides a tax credit of up to $2,000 per family for an unlimited number of years for postsecondary education
The American Opportunity Tax Credit provides a tax credit of up to $2,500 per student for the first four years of qualified education expenses for postsecondary education.
A taxpayer is not allowed to receive a double benefit for the same qualified education expense. For example, a taxpayer cannot claim both the AOTC and Lifetime Learning Credit for the same child in the same year or for the same qualified education expenses.
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