Josh is a MFJ taxpayer and decides to returnto school to get a graduate degree at nightschool while still working his full-time job. Heis able to take class part time. Josh and hishusband have an AĞI of $124,000, his tuitioncosts were $15,000, and his books are $1,500.Josh already attended four years of collegeand used the American Opportunity TaxCredit all four years. How much of a LTL taxcredit is he eligible to take in 2020?Group of answer choices$1,500$2,000$1,000None of these amounts.

AGI limit for Joint holders ( married file jointly ) = For the year 2020 = $ 138000 For LLC credit…

Answered: Group of answer choices $1,500 $2,000…

Business

Accounting

Group of answer choices $1,500 $2,000 $1,000 None of these amounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Josh is a MFJ taxpayer and decides to return
to school to get a graduate degree at night
school while still working his full-time job. He
is able to take class part time. Josh and his
husband have an AĞI of $124,000, his tuition
costs were $15,000, and his books are $1,500.
Josh already attended four years of college
and used the American Opportunity Tax
Credit all four years. How much of a LTL tax
credit is he eligible to take in 2020?
Group of answer choices
$1,500
$2,000
$1,000
None of these amounts.

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