Expanded Tax Credit for College
The American Opportunity Credit expands the existing Hope Credit for 2009 and 2010, making the $2,500 maximum credit for college expenses available to more parents and students.

For these two years, the credit is available for four post-secondary education years instead of two. In addition, required course materials now qualify as eligible expenses, and a portion of the credit may be available even if you owe federal income tax.

The full $2,500 credit is available to single taxpayers whose income is $80,000 or less and to married couples filing a joint return and have income less than $160,000. The credit is reduced or eliminated for incomes above these levels.

(June 26, 2009)

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