Jeremy and Leslie, who are married with modified AGI of $95,000, are sending their daugher to her first year of college. Their total tuition and related payments during 2018 amounted to $5,500. They have not taken advantage of any other type of tax benefit related to educational expenses. Their American Opportunity Tax Credit for 2018 is
| A. |
$2,000. |
|
| B. |
$2,500. |
|
| C. |
$5,500. |
|
| D. |
$1,500. |
the correct answer is option B
the limit of american opportunity tax credit is maximum of 2500 for the first payment.
Jeremy and Leslie, who are married with modified AGI of $95,000, are sending their daugher to...