Cooper, a married filing jointly taxpayer, paid $5,000 of qualified tuition and related expenses for each of his twin daughters, Violet and Charlotte, during 2023. They started their freshman year of college during 2023. Cooper was very excited that both daughters excelled in the college environment; especially since Violet had a drug addiction during her senior year of high school (Cooper had a friend on the college admissions board that thankfully overlooked Violet’s felony drug conviction). Cooper also paid $2,000 of qualified tuition and related expenses for his daughter Sloan’s sophomore year of college and $3,000 for his own master’s program. Cooper claims all three of his daughters as dependents. His modified gross income for the year is $50,000. What is the available Lifetime Learning Credit assuming he elects to use the Lifetime Learning Credit for those expenses that do not qualify for the American Opportunity Tax Credit?
Cooper, a married filing jointly taxpayer, paid $5,000 of qualified tuition and related expenses for each of his twin daughters, Violet and Charlotte, during 2023. They started their freshman year of college during 2023. Cooper was very excited that both daughters excelled in the college environment; especially since Violet had a drug addiction during her senior year of high school (Cooper had a friend on the college admissions board that thankfully overlooked Violet’s felony drug conviction). Cooper also paid $2,000 of qualified tuition and related expenses for his daughter Sloan’s sophomore year of college and $3,000 for his own master’s program. Cooper claims all three of his daughters as dependents. His modified gross income for the year is $50,000. What is the available Lifetime Learning Credit assuming he elects to use the Lifetime Learning Credit for those expenses that do not qualify for the American Opportunity Tax Credit?\\n\\nGroup of answer choicesCooper, a married filing jointly taxpayer, paid $5,000 of qualified tuition and related expenses for each of his twin daughters, Violet and Charlotte, during 2023. They started their freshman year of college during 2023. Cooper was very excited that both daughters excelled in the college environment; especially since Violet had a drug addiction during her senior year of high school (Cooper had a friend on the college admissions board that thankfully overlooked Violet’s felony drug conviction). Cooper also paid $2,000 of qualified tuition and related expenses for his daughter Sloan’s sophomore year of college and $3,000 for his own master’s program. Cooper claims all three of his daughters as dependents. His modified gross income for the year is $50,000. What is the available Lifetime Learning Credit assuming he elects to use the Lifetime Learning Credit for those expenses that do not qualify for the American Opportunity Tax Credit?\\n\\nGroup of answer choices
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