In the fall of 2017,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

B)The Lifetime Learning Credit applies to qualified tuition and related expenses incurred beyond the first four years of college and is computed as 20% of expenses up to $10,000.($7,000 × 20% = $1,400)

In the Fall of 2017,James Went Back to School to Earn