Which of the Following Statements Is True About Education Credits

question 107

Multiple Choice

Which of the following statements is true about education credits?

• A)A taxpayer may be eligible to claim the education credits regardless of their AGI amount.
• B)A taxpayer can use the same qualifying expenses for both the American opportunity tax and lifetime learning credits.
• C)A taxpayer cannot claim an American opportunity tax credit or lifetime learning credit in the same year he/she takes a tax-free distribution from a Coverdell Education Savings Account.
• D)The lifetime learning credit may be limited by AGI levels and may completely phase out when modified AGI exceeds a certain amount (the amount depending on the tax year).

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Definitions:

Chemistry

A branch of physical science concerned with the composition, structure, properties, and changes of matter.

Neo-psychoanalysts

Neo-psychoanalysts are theorists who extended Freudian psychoanalysis to include social and cultural factors in personality and psychological development.

Behaviorism

A theory of learning based on the idea that all behaviors are acquired through conditioning, emphasizing observable behaviors over internal states.

Interpretations

The action of explaining the meaning of something or the way a person understands a concept or event.