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The American Opportunity Tax Credit eases that burden with an annual tax credit of up to $2,500 for tuition and fees for the first four years of higher education, and it’s available to students ...
References. External links. American Opportunity Tax Credit. 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] The act specifies: Provisions were originally specific to tax years 2009 and 2010, later extended, and finally made ...
The American opportunity credit is for up to $2,500 a year (based on at least $4,000 spent on tuition, books and fees) for the first four years toward an undergraduate degree.
The American opportunity credit is targeted toward students pursuing formal degree programs. The lifetime learning credit, on the other hand, can be used for other types of training and education.
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.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ( Pub. L. 111–312 (text) (PDF), H.R. 4853, 124 Stat. 3296, enacted December 17, 2010 ), also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010. [2]
American Opportunity Tax Credit. Current students with a gross income of $80,000 or less — $160,000 or less for married couples filing jointly — who are enrolled at least half time in a post ...
Here's how the American Opportunity tax credit and Lifetime Learning credit can help offset the rising cost of attending college.
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related to: american opportunity credit