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 students.
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 2017 fall semester are as follows: $3,125 tuition, $500 books and course materials, and $2,600 room and board.
Marcies expenses for the 2017 calendar year are as follows: $8,500 tuition, $1,200 books and course materials, and $4,900 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 $148,000 for 2017. Determine Woodstocks available education tax credit for 2017.
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