Question

Juan paid $1,750 in qualifying expenses for his daughter who attended a community college.How much is Juan's lifetime learning credit without regard to AGI limitations or other credits?

A) $825.
B) $250.
C) $1,750.
D) $350.

Answer 1

Answer: $350

Step-by-step explanation:

From the question, we are informed that Juan paid $1,750 in qualifying expenses for his daughter who attended a community college.

The amount of Juan lifetime learning credit without regard to AGI limitations or other credits will be calculated as:

= $1750 × 20%

= $1750 × 20/100

= $1750 × 1/5

= $350