After taking into consideration a couple's AGI in 2019, the couple's American opportunity credit and lifetime...
After taking into consideration a couple's AGI in 2019, the couple's American opportunity credit and lifetime learning credit are $5,000 and $1,800, respectively. The couple's refundable and nonrefundable education credit is:
1. $5,000 and $1,800
2. $0 and $6,800
3. $3,000 and $3,800
4. $6,800 and $0
5. $2,000 and $4,800
Homework Answers
5. $2,000 and $4,800 respectively.
Explanation: American opportunity tax credit is allowed maximum of $2,500 per student and maximum of 40% is refundable. Lifetime learning credit is non refundable.
Amount of AOTC = $2500*2 = $5,000
Refundable = 5000 x 40% = 2000
Non refundable = 3000+1800 = 4800
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