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If the credit reduces your tax liability to $0, 40% of any remaining credit, up to $1,000, can be refunded to you. You can claim the credit for 100% of the first $2,000 of eligible expenses and 25 ...
On January 6, 2009, Congressman Chaka Fattah introduced H.R.106, The American Opportunity Tax Credit Act of 2009. [3] In brief, the proposed act specified. Any full-time college or university student is eligible. According to the IRS, the American Opportunity Credit cannot be taken by a taxpayer if he has a felony drug conviction.
Married couples filing together can deduct $25,900, and heads of household can deduct $19,400. Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year ...
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 Tax Credit is 100% of the first $2,000 and 25% of the next $4000 of qualified tuition expenses per year for up to two years. The Lifetime Learning Credit [23] is 20% of the first $10,000 of cumulative expenses.
Some credits are available only to individuals, such as the child tax credit for each dependent child, American Opportunity Tax Credit for education expenses, or the Earned Income Tax Credit for low income wage earners. Some credits, such as the Work Opportunity Tax Credit, are available to businesses, including various special industry incentives.
In 2009, Congress replaced the well-known Hope Scholarship credit with the more generous American Opportunity credit. You can claim the American Opportunity credit for qualified education expenses ...
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.