Question
. Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a junior at Peanuts University. Both Schroeder and Marcie are full-time
. Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a junior at Peanuts University. Both Schroeder and Marcie are full-time students. Schroeders expenses during the 2019 fall semester are as follows: $2,125 tuition, $925 books and course materials, and $4,150 room and board. Marcies expenses for the 2019 calendar year are as follows: $8,500 tuition, $1,250 books and course materials, and $8,000 room and board. Tuition and the applicable room and board costs are paid at the beginning of each semester. Woodstock is married, files a joint tax return, claims both children as dependents, and has a combined AGI with his wife of $127,250 for 2019. Determine Woodstocks available education tax credit for 2019.
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