Which would reduce the amount of qualified education expense

Reference no: EM132665487

Problem 1: Madison, 18, is in her first year of college. She lives with her parents and attends a local college. Madison's parents continue to claim her as a dependent since she is a full-time student and under age 24.

Madison paid the following amount for qualified tuition in 2019:

$2,100 in March for the summer semester (2019)

Her parents paid the following amounts for qualified tuition in 2019:

$3,500 in June for the fall semester (2019)
$3,300 in December for the spring semester (2020)

What amount of qualified tuition will Madison be allowed to use in calculating her 2019 American Opportunity Credit on her tax return?

Select one:

a. $2,100

b. $5,600

c. $8,900

d. $ 0

Problem 2: If used to pay tuition at an eligible educational institution, which of the following would reduce the amount of qualified education expenses a taxpayer could use to claim education credit on his tax return?

Select one:

a. A gift from a friend

b. A Pell grant

c. A family inheritance

d. A student loan

Reference no: EM132665487

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