In the fall of 2015,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 $57,000.Her Lifetime Learning Credit is

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The Lifetime Learning Credit is 20% of the first $10,000 of qualified education expenses. Therefore, 20% of $7,000 is $1,400. However, since her modified AGI is $57,000, she is eligible for the full credit without any phase-out reduction, so the correct amount is $1,400.

In the Fall of 2015,Gina Went Back to School to Earn