American Opportunity Education Tax Credit
American Opportunity Education Tax Credit
American Opportunity Education Tax Credit- Amount of Credit
American Opportunity Education Tax Credit (AOTC) provides a partially refundable tax credit in 2009 and 2010 equal to 100 percent of the first $2,000 plus 25% of the next $2,000 spent on tuition, fees, and course materials during each of the first four years of postsecondary education. The maximum American opportunity education tax credit would thus be $2,500 a year.
Taxpayers can’t claim the credit for any expenses paid using funds from other tax-preferred vehicles such as 529 plans and Coverdell Savings Accounts, nor can they use more than one of the AOTC, the lifetime learning credit, and the deduction for tuition expenses for a student in a given year.
American Opportunity Education Tax Credit- Qualifying Expenses
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American opportunity education tax credit qualifying expenses include tuition, related fees, course related books, and equipment that related to your courses. Room, board, transportation, medical and insurance do not qualify.
American Opportunity Education Tax Credit- Who Qualifies
40% of the American Opportunity Education Tax Credit is refundable and available to households with little or no tax liability. The maximum amount of refundable credit would be $1,000. The AOTC phases out evenly for married couples filing joint tax returns with income between $160,000 and $180,000 and for others with income between $80,000 and $90,000. Couples with income above $180,000 and others with income above $90,000 would not be able to take the credit.