American Opportunity Tax Credit – Killer Solutions
You can claim a tax credit of up to $ 2,500 of the cost of tuition and expenses paid during the taxable year. You can do this for fours years.
American Opportunity Tax Credit – An Expansion Of The Hope Scholarship Tax Credit
The American Opportunity Tax Credit is an expansion of the old Hope Scholarship Tax Credit offered for only two years of post-secondary or certificate education.Taxpayers with a higher income or those who do not owe taxes are now eligible for this credit. The graduate students are not eligible.
Qualifications
You may qualify for this credit, if your adjusted gross income is $80,000 or less.The income limit if you are married and you are filing a joint return is $160,000.
American Opportunity Tax Credit Details
Your tax credit is equal to 100% of the first $2000 of tuition and related expenses (including course materials and books) and 25% of the next $2,000 of tuition and related expenses paid during the taxable year. You will receive a refund of 40 percent of the credit.