In the fall of 2018, Gina went back to school to earn a master of taxation degree. She incurred $7,000 of qualified educational expenses and her modified AGI for the year was $59,000. Her Lifetime Learning Credit is

Question

Quizplus · Accepted Answer

The Lifetime Learning Credit is 20% of the first $10,000 of qualified education expenses. Therefore, 20% of $7,000 is $1,400. However, the maximum credit per return is $2,000, so the full $1,400 is allowed.

In the Fall of 2018, Gina Went Back to School