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Naily [24]
3 years ago
5

Paola and Isidora are married; file a joint tax return; report modified AGI of $148,000; and have one dependent child, Dante. Th

e couple paid $12,000 of tuition and $10,000 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2020.
Business
1 answer:
Alinara [238K]3 years ago
3 0

Answer:

$2,500

Explanation:

The computation of the amount is shown below;

In the case when the modified AGI upto $180,000 so it would be credit by $2,500 per eligible student

As we can see that in the given situation there is modified AGI that reported $148,000 so here the amount of  the American Opportunity credit for 2020 is $2,500 also we assume that the eligibility condition would be satisfied

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