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Tuition Credit on Steroids!
Latest news from E-File Florida
04/02/2009
The IRS renames the Hope College credit for 2009 and 2010-It will now be known as the American Opportunity tax credit-and hikes its value from $1,800 to $2,500 for 2009 and 2010. This credit will be good for next year's tax return, but it's something to keep in mind in the here and now.
Because a tax credit reduces your tax bill dollar for dollar, this basically means Uncle Sam will give you up to $2,500 per year for each qualifying college student in your family. Unlike the old Hope credit, which was available only for a student's first two years of college, the new American Opportunity credit can be claimed for four years of post-high-school education. You get the maximum credit if you spend at least $4,000 in qualifying expenses, which now include the cost of books as well as tuition and fees.
The student must be enrolled at least half-time in a program pursuing an undergraduate degree or other recognized educational credential. You can claim the credit for expenses paid for yourself, your spouse, or a child who is claimed as a dependent on your tax return. If the student is claimed as a dependent on a parent's tax return, the parent gets the credit, regardless of who actually pays the qualifying expenses.
Please feel free to contact E-File Florida at 954-583-8534 or visit us on the internet at www.efileflorida.com for more great tax tips and articles.
IRS CIRCULAR 230 Required Notice - IRS regulations require that we inform you as follows: Any Federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction as tax related matter(s).
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