I wanted to see if the following scenarios are possible. Assuming my AGI is $100,000 filing married per year for the next 6 years and of course no tax law changes. Child graduates HS in 2018. Goes for standard Bachelors degree and attends 12 hours per semester taking 5 years to graduate over the course of 6 tax years. No 529 or any financial aid involved.
2018 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2019 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2020 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2021 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2022 tax return LLC credit over $10,000 in expenses. $2,000 credit
2023 tax return LLC credit over $10,000 in expenses. $2,000 credit
or
2018 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2019 tax return LLC credit over $10,000 in expenses. $2,000 credit
2020 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2021 tax return LLC credit over $10,000 in expenses. $2,000 credit
2022 tax return AOTC credit over $10,000 in expenses. $2,500 credit
2023 tax return AOTC credit over $10,000 in expenses. $2,500 credit
Tried to make as simple as possible, but let me know if i need to expand on anything.
Thanks for any assistance.
