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Problem 1: Joshua is a 25-year-old graduate school student who paid $15,000 in tuition and fees to an eligible educational institution in 2019. He received a Form 1098-T. Joshua works part-time at a local firm and had wages of $22,500. He has no other income or nonrefundable tax credits. His tax liability on Form 1040, line 12a is $1,045. What is the amount of his education credit for 2019?
Select one:
a. $3,000b. $1,045c. $2,500d. $2,000 This answer is incorrect. The maximum amount of the Lifetime Learning Credit is $2,000. However, the taxpayer needs to consider other limiting factors.
Jacob was an OFW employed by I-Tech Corporation in the USA. Jacob retired. How much is the taxable income
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