Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a junior at Peanuts University. Both Schroeder and Marcie are full-time students. Schroeder’s expenses during the 2020 fall semester are as follows: $3,125 tuition, $550 books and course materials, and $4,650 room and board. Marcie’s expenses for the 2020 calendar year are as follows: $9,150 tuition, $1,600 books and course materials, and $8,900 room and board. Tuition and the applicable room and board costs are paid at the beginning of each semester. Woodstock is married, files a joint tax return, claims both children as dependents, and has a combined AGI with his wife of $134,000 for 2020. Determine Woodstock’s available education tax credit for 2020.
Woodstock has two college-age children, Schroeder, a freshman at State University, and Marcie, a junior at Peanuts University. Both Schroeder and Marcie are full-time students.
Schroeder’s expenses during the 2020 fall semester are as follows: $3,125 tuition, $550 books and course materials, and $4,650 room and board.
Marcie’s expenses for the 2020 calendar year are as follows: $9,150 tuition, $1,600 books and course materials, and $8,900 room and board.
Tuition and the applicable room and board costs are paid at the beginning of each semester.
Woodstock is married, files a joint tax return, claims both children as dependents, and has a combined AGI with his wife of $134,000 for 2020.
Determine Woodstock’s available education tax credit for 2020.
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