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Friday, March 18, 2011

Tax Credit Opportunity for Students!

TAX TIME!!! The American Opportunity Tax Credit, originally included in the American Recovery and Reinvestment Act, allows students to claim a tax credit of up to $2,500 per student.

To claim the American Opportunity Tax Credit for tax year 2009 and 2010 income tax returns, students or their families need to complete Form 8863 at http://www.irs.gov/pub/irs-pdf/f8863.pdf and follow the instructions there.

If a student had out-of-pocket textbook expenses or tuition and fees during 2009 or 2010 and no other financial grant aid covered those expenses, you may be able to claim the expenses as a credit. For each student, the credit is limited to $2,500.00.

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