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What amount may Jim deduct and how much is the credit

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Question - Jim needed to pay $7,850 in qualified education expenses for his son Tim in 2020. Jim files a joint return and together with his spouse they show an AGI of $70,000 in 2020.

What amount, if any, may Jim deduct and how much is the credit?

a. American Opportunity Tax Credit in the amount of $2,500.

b. American Opportunity Tax Credit in the amount of $2,780.

c. Lifetime Learning Credit in the amount of $2,000.

d. Jim in not eligible to claim an education credit, because he was not the student.

Reference no: EM133000848

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