Back to school? Check this tax credit
If you or a member of your
family is off to college this fall, you may be eligible for the American
Opportunity Tax Credit. Eligible students may take this credit for the first
four years of higher education. The credit can be up to $2,500 annually. Expenses
that qualify for the credit include tuition, fees, and related expenses. Forty
percent of the credit is refundable, meaning you may be able to get up to
$1,000 of the credit as a refund even if you don't owe any taxes.
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