Tax Law Highlights - 2012
American Opportunity Credit
The American Opportunity Tax Credit remains in effect through 2016. A credit is available up to $2,500 per student for the first 4 years of higher education for tuition, course related books, activity fees and any equipment that must be purchased from the educational institution as a condition of enrollment. Room & Board expenses do not qualify. The credit begins to phase out for single taxpayers who have adjusted gross income between $80,000 and $90,000 and for joint tax filers when adjusted gross income is between $160,000 and $180,000. The credit is unavailable to taxpayers whose adjusted gross income exceeds the $90,000 and $180,000 thresholds.
Need Professional Help?
If you need help with "Tax Law Highlights - 2012" or have other tax questions, we can help you find a local licensed tax preparer for a free, no-obligation consultation.