Question

In 2017, Elaine paid $2,800 of tuition and $600 for books for her dependent son to...

In 2017, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband.


What is the maximum American opportunity credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.)

b. Elaine’s AGI is $168,000.

c. Elaine’s AGI is $184,000.

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Answer #1

Answer

b. Elaine’s AGI is $168,000.

Particulars Expalanation Amount
AOC before phase out 2000*100% + (3400-2000)*25% $2350
AGI $168000
Phase -out threshold ($160000)
Excess AGI (168000-160000) $8000
Phase out range $180000-$160000 $20000
Phase out percentage 8000/20000 or 100% max 40%
Phase out amount 2350*40% $940
AOC after phase out 2350-940 $1410

The maximum American opportunity credit that Elaine can claim for the tuition payment and books is $1410.

c. Elaine’s AGI is $184,000.

Particulars Expalanation Amount
AOC before phase out 2000*100% + (3400-2000)*25% $2350
AGI $184000
Phase -out threshold $160000
Excess AGI 184000-160000 =240000 or limit to 20000 $24000
Phase out range 180000-160000 $20000
Phase out percentage 24000/20000 or max 100% 100%
Phase out amount 2350*100% $2350
AOC after phase out $2350-$2350 $0

The maximum American opportunity credit that Elaine can claim for the tuition payment and books is $0

Because AGI exceeds the threshold amount, she may not claim on AOC.

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