Question

Vint and Gracie are married and will file a joint tax return. For 2020, their modified adjusted gross income was $110,000. Gracie has a bachelor's degree in journalism, but she wants to pursue a different line of work. She is currently attending a community college to earn her associate degree in nursing. She paid $3,000 for the fall semester. Vint is not a student. What amount can the couple claim for the lifetime learning credit

Answer 1

The amount that Vint and Gracie can claim for 2020 lifetime learning credit is D. $600.

Explanation:

Joint Modified Adjusted Gross Income for 2020 = $110,000

Tuition for the fall semester paid by Gracie = $3,000

Limit placed on lifetime learning credit = $2,000

Rate of lifetime learning credit = 20% of the first $10,000

Allowed lifetime learning credit = $600 ($3,000 x 20%)

Answer Options:

A. $0

B. $200

C. $400

D. $600

Thus, the amount that the couple can claim for 2020 lifetime learning credit is D. $600.

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