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You can claim the credit for 100% of the first $2,000 of eligible expenses and 25% of the next $2,000, up to a maximum credit of $2,500. ... You’re ineligible to claim an American Opportunity ...
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 American Opportunity Tax Credit (AOTC) is a federal tax credit that applies to qualified education expenses for the first four years of higher education. The maximum annual credit is $2,500 ...
One way to defray expenses, in general, is to claim tax credits such as the child tax credit, earned income tax credit and the disability tax credit if you qualify. Tuition tax credits, college tax...
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.
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, that provides for each eligible student (i.e., a student who meets ...
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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.