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What is the Non-Refundable portion

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Question - Han and Leah Solo sent their son, Luke, to the University of Alderaan, where he completed his first year.  Luke spent $8,050 on tuition and books but received a scholarship for $5,000.

The Solo family files MFJ and their MAGI = $168,500 and would like to use the AOTC credit for tax purposes.

Assume that Alderaan University and all expenses are qualified.  Luke does not have a drug conviction.

Required -

1. What is their AOTC Credit?

2. What is the Non-Refundable portion?

3. How much is Refundable?

Reference no: EM132945918

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