In the fall of 2016,James went back to school to earn a master of accountancy degree.He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000.His Lifetime Learning Credit is
A)$1,000.
B)$1,400.
C)$1,800.
D)$2,500.

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.

In the Fall of 2016,James Went Back to School to Earn