Steve goes to Tri-State University and pays $40,000 in tuition. Steve works a part-time job to pay for his schooling and has an AGI of $17,000. How much is his American Opportunity Credit?

Question

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The American Opportunity Credit allows for a maximum credit of $2,500 per eligible student. Steve qualifies for the full credit because his tuition expenses exceed $4,000 and his AGI is below the phase-out threshold.

Steve Goes to Tri-State University and Pays $40,000 in Tuition