Question

Peter has three daughters who are eligible students. What is the maximum amount of tax credit available to him under the American opportunity credit, assuming he meets all requirements

Answer 1

Based on current tax laws, the maximum amount of tax credit available to Peter is $7,500

Under the American Opportunity Tax Credit (AOTC):

• Tax credit can be earned on eligible students.
• A maximum of $2,500 can be received as tax credit per student.

Peter has three daughters and they are all eligible students which means that the maximum credit available is:

= 2,500 x 3 students

=  $7,500

In conclusion, Peter can get $7,500 in tax credit.

Find out more about the AOTC at brainly.com/question/25889493.