Which of the following statements is true regarding the education tax credits?
A) The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees.
B) The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year.
C) The American Opportunity credit is calculated per taxpayer, while the lifetime learning credit is available per eligible student.
D) Continuing education expenses do not qualify for either education credit.
E) None of the above statements is true.

Question

Quizplus · Accepted Answer

None of the statements are true. The lifetime learning credit is available for undergraduate, graduate, and professional degree courses, not just graduate degrees. The American Opportunity credit allows for a maximum of $2,500 per eligible student, not 20% of $10,000. The American Opportunity credit is per eligible student, not per taxpayer. Continuing education expenses can qualify for the lifetime learning credit.

Which of the Following Statements Is True Regarding the Education