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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.
The total credit does not exceed $2,500. 40% of the credit is refundable. This tax credit is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly). The act directs several Treasury studies: Coordination with non-tax student financial assistance;
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 ...
The Earned Income Tax Credit (EITC) helps reduce poverty for working American families by providing a tax credit for qualified taxpayers. ... Investment income must be under $11,600 in the tax ...
A tax credit directly reduces your tax liability on a dollar-for-dollar basis. This makes it a better option than a tax deduction, which simply lowers your taxable income. ... For tax year 2024 ...
Once the CTC has reduced your tax liability to $0, the Additional Child Tax Credit can result in a refund of up to $1,600 for each child. 4. Child and Dependent Care Credit