Jasmine is a single marketing manager with a college degree. She continually updates her marketing knowledge...
Jasmine is a single marketing manager with a college degree. She continually updates her marketing knowledge and gets fresh ideas by taking classes at the local community college. This year she spent $1,500 on course tuition and fees.
If Jasmine has AGI of $59,000, how much lifetime learning credit can she claim on her tax return? Explain. **For year 2018**
Homework Answers
The lifetime learning tax credit is available for an amount equal to 20% of the first 10,000 $ tuition expenses paid per year up to a maximum of 2,000 $ if modified adjusted gross total income is between 58,000 $ and 68,000 $.
So, lifetime learning credit that can be availed= 1,500 * 20%= 300 $
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