Question

Marcel attends graduate school. for 2022, he received a form 1098-t, tuition statement, showing tuition paid of $14,300. what is the maximum amount of the lifetime learning credit he can claim for 2022?

Answer 1

Marcel can claim a maximum amount of $2,000 for the Lifetime Learning Credit in 2022 based on his tuition expenses.

Step-by-step explanation:

The maximum amount of the Lifetime Learning Credit that Marcel can claim for 2022 is determined based on the amount of qualified education expenses he paid during the year. The Lifetime Learning Credit is a tax credit that can help offset the cost of tuition and related expenses for eligible students. The credit is calculated as 20% of the first $10,000 of qualified education expenses, with a maximum credit of $2,000 per tax return.

In Marcel's case, he paid $14,300 in tuition, which exceeds the maximum amount for the Lifetime Learning Credit. Therefore, he can claim the maximum credit of $2,000 for 2022.