Stephanie and Cal Have Three Dependent Children in College

question 49

Multiple Choice

Stephanie and Cal have three dependent children in college.Sally is a freshman and Teri is a sophomore at a small private college in their town where their expenses are $6,500 per year for each student; Lexi is in her third year of medical school in Wisconsin and her related expenses are $12,500 per year.What is the maximum education credit allowed Stephanie and Cal on their joint tax return if their AGI is $120,000 in 2015?

• A)$5,000
• B)$6,000
• C)$7,000
• D)$7,500