Asked by Johnny Gomez on May 07, 2024
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Matt is a single father.He paid $5,000 in qualifying expenses for his son,Kyle,to attend the University of Minnesota.Kyle is a sophomore.Matt's AGI is $47,000.What is his allowable American opportunity tax credit?
A) $0.
B) $2,500.
C) $4,000.
D) $5,000.
American Opportunity Tax Credit
A tax credit for eligible students to reduce education expenses, including tuition, fees, and course materials for the first four years of post-secondary education.
Qualifying Expenses
Specific costs deemed eligible by tax laws or other regulations that can be deducted or used for tax-advantaged purposes.
University Of Minnesota
A public research university located in the Twin Cities of Minneapolis and St. Paul, Minnesota, known for its education and research programs.
- Gain insight into the conditions and deductible amounts pertaining to education expenses across different tax credit programs.
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Learning Objectives
- Gain insight into the conditions and deductible amounts pertaining to education expenses across different tax credit programs.
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