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Tax Problem

HOPE Scholarship Credit and Lifetime Learning Credit. John and Mary, a married couple
who file a joint return, have two dependent children in college, Jeff and Brooke. Jeff
attends Pepper College, a private, liberal arts college, and Brooke attends State U. During
the calendar year 2006, Jeff was a sophomore during the Spring Semester 2006 and a junior
during the Fall Semester 2006. Brooke was a freshman during the Fall Semester 2006
and was in high school during the Spring Semester 2006. Below are the college expenses
paid by John and Mary for Jeff and Brooke during 2006:

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A) Jeff's tuition alone is over the $10K for the Lifetime Learning Credit and thus will have the full ($10K X 20%) $2000 credit. Brooke is in the first 2 years and only has $1700 of ...

Solution Summary

HOPE Scholarship Credit and Lifetime Learning Credit. John and Mary, a married couple
who file a joint return, have two dependent children in college, Jeff and Brooke. Jeff
attends Pepper College, a private, liberal arts college, and Brooke attends State U. During
the calendar year 2006, Jeff was a sophomore during the Spring Semester 2006 and a junior
during the Fall Semester 2006. Brooke was a freshman during the Fall Semester 2006
and was in high school during the Spring Semester 2006. Below are the college expenses
paid by John and Mary for Jeff and Brooke during 2006:

$2.19