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A married couple files a joint return. During 2019 they pay college tuition and fees for...

A married couple files a joint return. During 2019 they pay college tuition and fees for their two dependent children. Before taking the phase-out for excess AGI into consideration, the couple has calculated their American opportunity credit to be $2,300. If the couple's AGI is $112,000, their refundable education tax credit equals:

a.1,380

b.0

c.690

d.920

e.1035

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Answer #1

Answer is option d . 920. (2300*40%)

The AMT exemption amount for 2019 is $71,700 for singles and $111,700 for married couples filing jointly.

1. Present case .(112000-2300) is 109700 that is no tax

2. maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

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