The American Opportunity Tax Credit which was scheduled to expire at the end of 2012, has been extended through December 2017. The maximum annual credit is $2,500 per student which includes tuition and fees as well as other expenses such as books, computers, lab fees, and internet fees. Also, 40% of the credit may be refundable which means you would get the credit even if you owe no taxes. There is an income limitation for this credit which is $80,000 for individuals and $160,000 for married filing joint. The credit is phased out if your income is above these levels. The credit is not available if you are married and file separate returns. The AOTC is available for the first four years of post-secondary qualified educations, so a student starting college in 2013 or 2014 would qualify for the entire fours years as the credit is scheduled to expire at the end of 2017. At that time, the credit is scheduled to drop back down to the first two years of post-secondary education costs.
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