What is the total American Opportunity and Lifetime tax credit the Jones family can take, given the following information?
1) Sally is a sophomore and incurs $5,000 in education expenses.
2) Tommy is in grad school and incurs $7,000 in education expenses.
3) Mom, who has a 4 year degree, goes back to school and incurs $4,000 in education expense
A-American Opportunity Tax Credit is $1,650 & Lifetime Learning Credit is $2,200.
B-Lifetime Learning Credit is $1,650 & American Opportunity Tax Credit is $2,200.
C-American Opportunity Tax Credit is $2,500 & Lifetime Learning Credit is $2,000.
D-Lifetime Learning Credit is $2,500 & American Opportunity Tax Credit is $2,000.