American Opportunity Tax Credit
The American Opportunity Tax Credit is a partially refundable tax credit first detailed in Section 1004 of the American Recovery and Reinvestment Act of 2009. The act specifies: 1.
* Provisions were originally specific to tax years 2009 and 2010, later extended, and finally made permanent by the Bipartisan Budget Act of 2015, for the first 4 years of post-secondary education. 2.
* Increases the Hope Scholarship Credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed $2,000, plus 25 percent of the next $2000 in qualified tuition, fees and course materials. The total credit does not exceed $2500. 3.
* 40% of the credit is refundable. 4.
* This tax credit is subject to a phase-out for taxpayers with adjusted gro
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American Opportunity Tax Credit
The American Opportunity Tax Credit is a partially refundable tax credit first detailed in Section 1004 of the American Recovery and Reinvestment Act of 2009. The act specifies: 1.
* Provisions were originally specific to tax years 2009 and 2010, later extended, and finally made permanent by the Bipartisan Budget Act of 2015, for the first 4 years of post-secondary education. 2.
* Increases the Hope Scholarship Credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed $2,000, plus 25 percent of the next $2000 in qualified tuition, fees and course materials. The total credit does not exceed $2500. 3.
* 40% of the credit is refundable. 4.
* This tax credit is subject to a phase-out for taxpayers with adjusted gro
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The American Opportunity Tax C ...... related expenses into account.
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The American Opportunity Tax C ...... or taxpayers with adjusted gro
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American Opportunity Tax Credit
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