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The American Opportunity Tax Credit is a partially refundable tax credit first detailed in Section 1004 of the American Recovery and Reinvestment Act of 2009. [1]
What Is the American Opportunity Tax Credit? The American Opportunity Tax Credit, or AOTC, reduces the financial impact of college tuition by decreasing the amount of federal income tax you owe ...
The American Opportunity Tax Credit allows you to lower your income tax bill by up to $2,500 per student, per year on undergraduate tuition, fees and books. Room and board, though, don’t count ...
The American Opportunity credit and the Lifetime Learning tax credit can make higher education costs more affordable.
Paying college expenses directly from a 529 account may reduce eligibility for the American Opportunity Tax Credit, due to IRS coordination restrictions. To claim the full credit (in addition to meeting other criteria, such as income limits), $4,000 of college tuition and textbook expenses per year should be paid from non-529 plan funds. [26]
The Student and Family Tax Simplification Act ( H.R. 3393) is a bill that would amend the Internal Revenue Code to consolidate several different education tax incentives into an expanded American Opportunity Tax Credit. [1] [2] The American Opportunity Tax Credit, under this legislation, would provide a maximum credit of $2,500.
The American opportunity credit and lifetime learning credit are two education-focused tax breaks that help people with expenses such as tuition.
The Work Opportunity Tax Credit (WOTC) is a federal tax credit providing incentives to employers for hiring groups facing high rates of unemployment, such as veterans, youths and others.