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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.
The partially refundable American opportunity credit is also more generous: Taxpayers can claim up to $2,500 per eligible student, including for expenses beyond tuition, such as course materials.
1. American Opportunity Tax Credit. The American opportunity tax credit is an educational tax benefit that replaces and expands on the Hope credit. It applies to the first four years of college ...
The American Opportunity credit and the Lifetime Learning tax credit can make higher education costs more affordable.
The American Opportunity Tax Credit (AOTC) [42] was part of the American Recovery and Reinvestment Act, which was signed into law in February 2009. The AOTC replaced the Hope Scholarship credit for Tax Years 2009 and 2010, increased the benefits for nearly all Hope credit recipients and many other students by providing a maximum benefit up to ...
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [2]The Student and Family Tax Simplification Act would amend the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses ...
However, the refundable portion of the Child Tax Credit increased from $1,500 to $1,600. Earned Income Tax Credit (EITC) ... American Opportunity Tax Credit.
How the American Opportunity Tax Credit Is Calculated To calculate the credit, start by adding up your eligible expenses — tuition, enrollment fees and course materials. If, for example, they ...