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Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and...

Paola and Isidora are married; file a joint tax return; report modified AGI of $134,960; and have one dependent child, Dante. The couple paid $8,760 of tuition and $9,435 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.

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Answer:

In this case, the couple are married and their joint income is $134,960 less than limit of $180,000. Also they paid tution fees and room fees for their dependent child.

Calculation of claim an American Opportunity Credit

[(2000*100%) + (2000*25%)]  = $2500

Since the couple paid $8760 for tuition fees, hence, they are eligible to claim for the full $2500 of American Opportunity Credit.

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