John and Mary paid the following amounts for their daughter, Sara attend the Uni

Question

John and Mary paid the following amounts for their daughter, Sara attend the Universiy of Utah during 2009. Sara was in her first year of college and attend full-time.
Tuition and fees (for fall semesterr 2009) $1,950
Tuition and fees (for spring semester 2010) $1,000
Books $600
Roomand Board $1,200
The spring semester at the University begins in January. In addition to the above information, Saras Uncle sent $800 for her tuition directly to the school. John and Mary's have a modified AGI of $165,000. What is the amount of qualifying expenses for the purpose of the Hope Credit? What is the amount of the Hope Credit that John and Mary can claim based on their AGI?

Explanation / Answer

According to the Hope credit eligibility and modified adjusted (AGI):

Income is also a factor in Hope credit eligibility. If you're single, the Hope credit is phased out as your modified adjusted gross income (AGI) reaches $40,000 and completely disappears at $50,000. If you're married and file jointly, the AGI phase-out range is between $80,000 and $100,000

First we calculate all expenses incurred for their daughter

Tuition and fees (for fall semester 2009)       $1,950

Tuition and fees (for spring semester 2010) $1,000

Books                                                             $600

Room and Board                                             $1,200

Sara’s Uncle sent                                             $800

Total is ………………………………………. $5,550

So simply they can claim all the expenses incurred during the education

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