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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.
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.
Learn how the American Opportunity Tax Credit can help reduce the financial burden of college tuition with a credit of up to $2,500. ... or the previous Hope credit, for more than four years, and ...
American Opportunity tax credit The American Opportunity tax credit, previously called the Hope College credit, is valued at $2,500 for 2021, up from $1,800 in 2008. Because a tax credit reduces ...
The Hope Credit, which is the previous and perhaps better known name of the American Opportunity Tax Credit, is a federal tax break that can help people pay for college or trade school. This ...
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [2]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 ...
American Opportunity Tax Credit (AOTC) The American Opportunity Tax Credit allows you to earn up to $2,500 in tax credits when claiming your college tuition and related expenses.
The American Opportunity Tax Credit (AOTC) [43] was part of the American Recovery and Reinvestment Act, which was signed into law in February 2009. The AOTC replaced the Hope Scholarship credit for Tax Years 2009 and 2010, increased the benefits for nearly all Hope credit recipients and many other students by providing a maximum benefit up to ...