Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees. a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees.

a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie?

b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?

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