What is the maximum education credit allowed to Tom and Anita?
Tom and Anita are married, file a joint return with an AGI of $165,000, and have one dependent child, Tim, who is a first-time freshman in college. The following expenses are incurred and paid in 2087:
Tuition, fees and textbooks $11,000
Room and board $5,000
Tim is eligible for the American Opportunity Tax credit. Only the tuition, fees and textbooks are eligible expenses. Room and board is not considered for the AOTC. The maximum amount of the credit is (100% of the first $2,000 + 25% of the next $2,000 of tuition and fees) = $2,500.
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