Which of the following individuals is eligible to receive (or qualify their parents to receive) the American Opportunity Credit? Multiple choice question. Khloe is married and in her third year as a full time student at UCLA. She uses the married filing separately filing status on her tax return. Kris is a fifth-year senior at IU. She is 23, a full time student, and a dependent of her parents. Kim is single, works full time, and goes to college half time for her second year at LSU. She provides over half of her own support. Kourtney is a graduate student at NYU, but is still a dependent of her parents.
The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. Here are the eligibility criteria for the AOTC: 1. The student must be pursuing a degree or other recognized education credential. 2. The student must be enrolled at least half-time for at least one academic period beginning in the tax year. 3. The student must not have finished the first four years of higher education at the beginning of the tax year. 4. The student must not have claimed the AOTC or the former Hope credit for more than four tax years. 5. The student must not have a felony drug conviction at the end of the tax year. Based on the information provided: - Khloe is not eligible because she uses the married filing separately filing status, which disqualifies her from claiming the AOTC. - Kris is not eligible because she is in her fifth year of study, which exceeds the first four years of higher education limit. - Kim is eligible because she is within her first four years of higher education, goes to college at least half time, and is not a dependent of her parents. - Kourtney is not eligible because she is a graduate student, and the AOTC is only available for the first four years of undergraduate education. Therefore, the correct answer is: Kim is single, works full time, and goes to college half time for her second year at LSU. She provides
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