Courtesy of the IRS
Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009.
Here are six important facts the IRS wants you to know about the new American Opportunity Tax Credit:
- This credit, which expands and renames the existing Hope Credit, can be claimed for qualified tuition and related expenses that you pay for higher education in 2009 and 2010. Qualified tuition and related expenses include tuition, related fees, books and other required course Materials.
Complete details on the American Opportunity Tax Credit and other key tax provisions of the Recovery Act are available at the official IRS Web site at IRS.gov/Recovery .
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS site for the Recovery Act :: For complete details on the American Opportunity Tax Credit
- IRS Information center for :: Tax Benefits for Education
- IR-2009-78 Special IRS Web Section :: Highlights Back-to-School Tax Breaks; Popular 529 Plans Expanded, New $2,500 College Credit Available
- IRS Publication 970 :: Tax Benefits for Education
- IRS YouTubeVideo :: Education Credits
- IRS Audio file for podcast :: American Opportunity Tax Credit