Before I give you an answer to this I want to clarify the amounts that you are including in the qualifying expenses of $20,000.
The IRS has one definition of qualifying expense for the credit and another for distributions from the 529 plans.
Does the $20,000 represent tuition and required fees only? Or does it include other items such as room, board, activity fees, books, supplies, or any other expenses not required for attendance?
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