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Peter has three daughters who are eligible students. What is the maximum amount of tax credit available to him under the American opportunity credit, assuming he meets all requirements

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Based on current tax laws, the maximum amount of tax credit available to Peter is $7,500

Under the American Opportunity Tax Credit (AOTC):

  • Tax credit can be earned on eligible students.
  • A maximum of $2,500 can be received as tax credit per student.

Peter has three daughters and they are all eligible students which means that the maximum credit available is:

= 2,500 x 3 students

=  $7,500

In conclusion, Peter can get $7,500 in tax credit.

Find out more about the AOTC at https://brainly.com/question/25889493.

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