Which of the Following Statements Is True About Education Credits

Multiple Choice

Which of the following statements is true about education credits?

A) A taxpayer may be eligible to claim the education credits regardless of their AGI amount.
B) A taxpayer can use the same qualifying expenses for both the American opportunity tax and lifetime learning credits.
C) A taxpayer cannot claim an American opportunity tax credit or lifetime learning credit in the same year he/she takes a tax-free distribution from a Coverdell Education Savings Account.
D) The lifetime learning credit may be limited by AGI levels and may completely phase out when modified AGI exceeds a certain amount (the amount depending on the tax year) .