Julien and Sarah Are Married,file a Joint Return,and Have Two

question 88

Essay

Julien and Sarah are married,file a joint return,and have two children,Kaya and Christopher.Kaya just finished her third year at college and Christopher just finished his first year of graduate school (fifth year of college).Tuition and books for the past year were $1,800 for Kaya and $5,000 for Christopher.How much can Julien and Sarah claim in educational credits if their joint AGI was $124,000 for 2017?

---

Definitions:

Utility Function

A mathematical representation of how a consumer's preferences between different goods or services translate into levels of satisfaction or utility.

Initial Endowment

Refers to the initial allocation of goods, resources, or wealth that an individual or entity possesses before any transactions.

Pareto Efficient

A situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off.

Initial Endowment

The initial allocation of resources, money, or goods that an individual, institution, or country possesses.