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:

Rumination

Focusing on one’s personal concerns and feelings of distress repetitively and passively.

Perfectionism

The need to be or appear to be perfect, or even to believe that it's possible to achieve perfection.

Problem Solving

The process of identifying a problem, finding possible solutions, and then implementing a solution to address the identified problem.

Mania

A mental state characterized by extremely elevated mood, energy, and abnormal levels of activity, enthusiasm, or excitement.