In 2015, Elaine paid $2,880 of tuition and $420 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband
What is the maximum American opportunity credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.)
|
1) Elaine’s AGI is $81,000
Elaine may claim an American opportunity credit (AOC) of $2,325
| Description | Amount,Explaination | |
| 1 | AOC before phase-out | 2325 |
| 2,000* 100% + (3,300 -2,000) 25% |
||
| 2 | AGI | 81000 |
| 3 | Phase-out threshold | 160000 |
| 4 | Excess AGI | 0 |
| ($0 (2)- (3) {but not <0 and limited to a maximum of $20,000) | ||
| 5 | Phase-out range for taxpayer filing as married filing jointly | 20000 |
| (180000-160000) | ||
| 6 | Phase-out percentage | 0% |
| (4) / (5) or 100% max | ||
| 7 | Phase-out amount | 0 |
| (1) *(6) | ||
| AOC after-phase-out | 2325 |
2) Elaine’s AGI is $176,000
Elaine may claim an American opportunity credit (AOC) of $465.
.
| Description | Amount,Explaination | |
| 1 | AOC before phase-out | 2325 |
| 2,000* 100% + (3,300 -2,000) 25% |
||
| 2 | AGI | 176000 |
| 3 | Phase-out threshold | 160000 |
| 4 | Excess AGI | 16000 |
| ($0 (2)- (3) {but not <0 and limited to a maximum of $20,000) | ||
| 5 | Phase-out range for taxpayer filing as married filing jointly | 20000 |
| (180000-160000) | ||
| 6 | Phase-out percentage | 80% |
| (4) / (5) or 100% max | ||
| 7 | Phase-out amount | 1860 |
| (1) *(6) | ||
| AOC after-phase-out | 465 | |
| (1) -(7) |
