00:01
Hello students, here is a question.
00:02
We and bally mayberry have $71 ,500 of a gross income to enough allowable deductions to itemize their older children about being college and they are wondering if they were eligible for the tax credit related to the cost of tuitions and fees.
00:20
So, this is our question and we have six options given here.
00:24
The first is lifetime learning credit and the second is american opportunity credit, adoption credit and fourth is child and dependent care credit and fifth is health care premium credit and sixth is earned income credit.
01:20
So, let us discuss the answer for this.
01:24
Firstly, the lifetime learning credit and the american opportunity credit are both a tax credit that designed to help the offset of cost as higher education.
01:33
The lifetime learning credit is a worth up to $2 ,000 per tax written and available for all the years post secondary education and course of acquired improving job skills.
01:44
The american opportunity credit worth rupees 2 ,500 per student is available for the first four years of post secondary education...