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In 2017, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado,...
In 2017, Jeremy and Celeste, who file a joint return, paid the following amounts for their daughter, Alyssa, to attend the University of Colorado, during academic year 2017-2018. Alyssa was in her first year of college and attended full-time.
Tuition and fees (for fall semester 2017) $2,090
Tuition and fees (for spring semester 2018) 1,075
Books1,360Room and board 1,500
The spring semester at the University of Colorado begins in January. In addition to the above, Alyssa's uncle Devin sent $540 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $167,000. What is the amount of qualifying expenses for purposes of the American Opportunity Tax credit (AOTC) in tax year 2017? What is the amount of the AOTC that Jeremy and Celeste can claim based on their AGI? (do not round your intermediate computations.)
Qualifying expenses for the AOTC?
AOTC Claimable?
