Friday, October 20, 2017
Email

Frequently Missed Deductions

College Tuition

Twitter Facebook Linkedin Linkedin Google

Follow on Facebook

Best Accountants in Atlanta
American Opportunity Educational Credit

 Sept. 15, 2009

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American opportunity credit, to pay for college expenses.

The American opportunity credit is not available on the 2008 returns taxpayers are filing during 2009. The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

 

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and lifetime learning credits.

Special rules apply to a student attending college in a Midwestern disaster area. For tax-year 2009, only, taxpayers can choose to claim either a special expanded Hope credit of up to $3,600 for the student or the regular American opportunity credit.

If you have questions about the American opportunity credit, these questions and answers might help. For more information, see American opportunity credit.

 

Clients Feedback

"Nicholas is an extremely skilled accountant. He knows just how to guide his clients in the most advantageous ways and is adept at dealing with the IRS. He is highly respected. I recommend him highly."

 

- Robert B. Anderson, Alpharetta, GA

 

You can find what our others are saying about Atlanta Tax & Accounting HERE!

Home Tax News Economic Stimulus Plans 2009 American Opportunity Educational Credit
Stone Mountain 1099MISC Help, Fulton 1099MISC Help, Chamblee 1099MISC Help, Decatur 1099MISC Help, Flowery Branch 1099MISC Help,
View all articles
Atlanta cpa, cpa Atlanta, Roswell cpa, Atlanta accounting, Lawrenceville cpa, accounting Atlanta, Alpharetta cpa, Lawrenceville accounting, Marietta cpa.
Norcross accounting, cpa Marietta, Norcross cpa, Roswell accounting, cpa Norcross, cpa Cumming, Decatur cpa, cpa Lawrenceville.
Copyright © 2017. CPA Taxation. Web Design & SEO Plans
by Nicholas Trishin
770-685-2500