Shelby received a scholarship that paid the full tuition. Owen and Kimberly paid the cost of course-related books in 2023 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $850 for textbooks purchased at the college bookstore, and $200 for access to an online textbook. the total qualified education expenses used to calculate the American Opportunity Credit is: a. $850 b. $1,050 c. $2,500 d. $5,620
To calculate the American Opportunity Tax Credit (AOTC), you can include expenses for tuition, required enrollment fees, and course materials that are needed for a student to be enrolled at or attend an eligible educational institution. However, expenses for room and board, transportation, insurance, medical expenses, and similar personal, living, or family expenses are not qualified education expenses for the AOTC. From the expenses listed: - The $120 for a parking sticker and $5,500 for a meal plan are not qualified education expenses because they are not required as a condition of enrollment or attendance at the college. - The $850 for textbooks purchased at the college bookstore and the $200 for access to an online textbook are qualified education expenses, as they are required for the courses. Therefore, the total qualified education expenses used to calculate the American Opportunity Credit would be: $850 (textbooks) + $200 (online textbook access) = $1,050 The correct answer is: b. $1,050
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