Problem - Education Tax Credits

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Problem - Education Tax Credits

Tom and Jennifer Snyder have two children in college. Lora is a freshman, and her tuition and required fees for 2019 total $14,000. Lora has a partial scholarship amounting to $6,500, and the Snyders paid the balance of her tuition ($7,500), plus room and board of $8,500. Sam is a junior, and the Snyders paid $8,100 for his tuition, plus $7,200 for his room and board. Both students qualify as Tom and Jennifer's dependents.

The Snyders report AGI of $158,000. They would like to know what tax options are available to them related to these education expenses. They have heard about various education-related deductions and credits, but they believe that their income is too high for them to get any benefit. Are they correct?

Reference no: EM132669562

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