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Bizhelp
Bizhelp, CPA
Category: Multiple Problems
Satisfied Customers: 5884
Experience:  BA degree and Certified Public Accountant
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Hey Im try to figure out this question and Im confused. Janie

Customer Question

Hey Im try to figure out this question and Im confused.
Janie graduates from high school in 2015 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees.a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?
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Submitted: 7 months ago.
Category: Multiple Problems
Expert:  Bizhelp replied 7 months ago.
Hi,Thanks for your question. $180,000 AGI limit - $170,000 AGI = 10,000 / 20,000 phase-out = 0.5 multiplier$2000 + (($4000 qualified expenses - 2,000) x 25%) = 2000 + 500 =$2,500$2500 x 0.5 multiplier = $1,250 American Opportunity tax credit they can claim for Janie Hope this helps!

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