Homework Answers
Solution: Terry and Regina are eligible to take American Opportunity credit for 2018 because their MAGI is under the phase-out range of $160,000 - 180,000.
But their MAGI exceeds the lower phaseout range of $160,000. So we need to reduce the eligible amount of American Opp. credit by 25% (i.e. $5,000 excess over $160,000 / $20,000)
Thus, American Opportunity credit = $2,500 max. × (1- 0.25)
= $2,500 ×0.75
= $1,875 (Answer)
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