Transcribed Image Text: Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a

Transcribed Image Text: Problem 7-19 (Algorithmic)
Education Tax Credits (LO 7.5)
Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,475 for her tuition and fees.
If required, round your computations to the nearest whole value.
a. Assuming Janie’s parents have AGI of $162,000, what is the American Opportunity tax credit they can claim for Janie?
b. Assuming Janie’s parents have AGI of $64,800, what is the American Opportunity tax credit they can claim for Janie?
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