What is total american opportunity and lifetime tax credit

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Reference no: EM131554101

What is the total American Opportunity and Lifetime tax credit the Jones family can take, given the following information?

1) Sally is a sophomore and incurs $5,000 in education expenses.

2) Tommy is in grad school and incurs $7,000 in education expenses.

3) Mom, who has a 4 year degree, goes back to school and incurs $4,000 in education expense

A-American Opportunity Tax Credit is $1,650 & Lifetime Learning Credit is $2,200.

B-Lifetime Learning Credit is $1,650 & American Opportunity Tax Credit is $2,200.

C-American Opportunity Tax Credit is $2,500 & Lifetime Learning Credit is $2,000.

D-Lifetime Learning Credit is $2,500 & American Opportunity Tax Credit is $2,000.

Reference no: EM131554101

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