What is the american opportunity tax credit

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Reference no: EM131922926

Question: 1a. Janie graduates from high school in 2016 and enrolls in college in the fall. Her parents (who file a joint return) pay $4,000 for her tuition and fees.

Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?

Assuming Janie's parents have AGI of $75,000, what is the American Opportunity tax credit they can claim for Janie?

1b. In 2016, Jeff spends $6,000 on solar panels to heat water for his main home. What is Jeff's credit for his 2016 purchases?

Reference no: EM131922926

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