Conner and Matsuko paid $1,000 and $2,000,in qualifying expenses for their two sons,Jason and Justin,respectively,to attend Montana State University.Jason is a sophomore and Justin is a freshman.Conner and Matsuko's AGI is $195,000.What is their allowable American opportunity tax credit?
A)$0.
B)$2,000.
C)$3,000.
D)$3,700.

Question

Quizplus · Accepted Answer

The American Opportunity Tax Credit phases out for married couples filing jointly with an AGI between $160,000 and $180,000. Since Conner and Matsuko's AGI is $195,000, they are not eligible for the credit.

Conner and Matsuko Paid $1,000 and $2,000,in Qualifying Expenses for Their