American Opportunity Credit

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American Opportunity Credit

A tax credit in the United States making a dollar-for-dollar reduction in the tax liability of a postsecondary student equivalent to 100% of tuition and education fees, up to $2,500. Up to 40% of the credit is a refundable tax credit. Certain income limits apply to a student's eligibility. It was instituted in 2009 and is scheduled to expire in 2012.
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Common tax benefits with income-level phaseouts include contributions to Coverdell Education Savings Accounts, the deduction for interest on qualified education loans, the lifetime learning and American opportunity credits, the child tax credit, and traditional and Roth IRAs.
Furthermore, if you have three kids who qualify you may be able to claim three American Opportunity Credits.
Moreover, the American Opportunity Credit is partially refundable, up to 40% of the amount for which you qualify.
Chet Edwards (D-Texas), highlighted components of the economic recovery package that can boost families' incomes, including expansions of the Earned Income Tax Credit, Child Tax Credit, and the Making Work Pay and American Opportunity credits.
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