Reference no: EM132665484
Problem 1: The Grays' son, Joel, graduated and received his bachelor's degree in June 2019. In 2019, Joel turned age 24 and provided more than half of his support. The Grays file jointly with modified AGI of $116,000. Joel has modified AGI of $26,000. Who can claim a tax credit for education expenses paid by Joel during 2019?
Select one:
a. Either the Grays or Joel (but not both) can claim an education tax credit.
b. Only Joel can claim the Lifetime Learning Credit or the American Opportunity Credit (if he qualifies), whichever is more beneficial.
c. Neither the Grays nor Joel can claim an education tax credit.
d. Only the Grays can claim the Lifetime Learning Credit or the American Opportunity Credit (if Joel qualifies), whichever is more beneficial.
Problem 2: Linda paid her tuition and later received a Pell grant (tax-free educational assistance) covering part of the tuition. All of the following are true except:
Select one:
a. If the Pell grant was received after Linda claimed the education credit on her return, she may have to repay all or part of the credit.
b. The Pell grant should reduce the amount of qualified expenses for the education credit.
c. Linda does not need to adjust her education credit by the Pell grant since it was received after she filed her return.
d. If Linda claimed an education credit and received a reimbursement for that same year; Linda must refigure the credit for a previous year and report the difference as an additional tax on line 12a
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