Education Tax Credits (LO 6.5) Jasper is single and a computer software consulta

Question

Education Tax Credits (LO 6.5)

Jasper is single and a computer software consultant with a college degree. He feels that one of the reasons for his success is that he continually updates his knowledge by taking classes at the local college in various areas related to software design and information technology. This year he spent $2,000 on course tuition and fees.

a. Assuming Jasper has AGI of $92,000, how much lifetime learning credit can Jasper claim on his tax return?

If Jasper were married and supporting a wife who was not working, how much lifetime learning credit can Jasper claim?

b. Assuming Jasper is single and has AGI of $45,000, how much lifetime learning credit can Jasper claim on his tax return? $

Explanation / Answer

a) Jasper can not claim the lifetime learning credit because his income is more than $62000. To get a lifetime learning credit he would be, married and should file a return jointly.

If Jasper was married and file return Jointly then he can claim lifetime learning credit was $124000.

B) If Jasper is single and AGI is $45000. He can claim $2000, this is the maximum credit that jasper can claim.

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