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The American Opportunity Tax Credit allows you to earn up to $2,500 in tax credits when claiming your college tuition and related expenses. ... allowing you to claim 40% of the credit for a refund ...
To claim the credit, fill out IRS Form 8863 with your tax return. Who qualifies: Undergraduate college students who file their own tax returns or parents who pay the college tuition costs for ...
Claim all eligible college and other education tax credits. ... to file their own return based on their gross income, says Kathy Pickering, chief tax officer at H&R Block. ... in the tax credit ...
The stated goal of the credit was to, "cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students." [ 2 ] H.R.106: The American Opportunity Tax Credit Act of 2009
The lifetime learning tax credit has the same income cutoffs as the American opportunity tax credit. You can claim the full credit up to an MAGI of $80,000/$160,000 single/married filing jointly.
For this credit to be claimed by a taxpayer, the student must attend school on at least a part-time basis. The credit can be claimed for education expenses incurred by the taxpayer, the taxpayer's spouse, or the taxpayer's dependent. Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax ...
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