Bradley Has Two College-Age Children,Clint,a Freshman at State University,and Abigail,a

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The Answer is In 2013,both Clint and Abigail qualify for the American Opportunity credit.Clint's qualifying expenses are $2,650 ($2,400 tuition and $250 books and course materials); Abigail's qualifying expenses are $11,400 ($10,200 tuition and $1,200 books and course materials).Clint's American Opportunity credit is $2,162.50 [100% of the first $2,000 of qualifying expenses plus 25% of the next $2,000 of qualifying expenses; $2,000 + ($650 ´ 25%)].Abigail's American Opportunity credit is $2,500 (100% of the first $2,000 of qualifying expenses plus 25% of the next $2,000 of qualifying expenses; $2,000 + ($2,000 ´ 25%)].Although the American Opportunity credits are subject to a phaseout for higher income taxpayers,Bradley's AGI of $114,000 is less than the phase-out starting point in 2013 ($160,000 for married taxpayers filing jointly).So,the total education credit available for the year is $4,662.50 ($2,162.50 + $2,500).

Bradley Has Two College-Age Children,Clint,a Freshman at State University,and Abigail,a

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Bradley Has Two College-Age Children,Clint,a Freshman at State University,and Abigail,a

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