In the fall of 2019,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 $60,000.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, the credit phases out for modified AGI between $58,000 and $68,000 for single filers. Since Gina's AGI is $60,000, she is in the phase-out range, reducing her credit to $1,120.

In the Fall of 2019,Gina Went Back to School to Earn