Thread: Tax Season
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      01-30-2012, 03:07 PM   #15
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Originally Posted by CollinsE90 View Post
Can a CPA confirm the school theory? I'm reading '11 was the last year to do that.
This might be too much, but I'm pretty sure this is what I got a couple years ago. CPA's?

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to have a limited life span: it will be available only for the years 2009 through 2012, unless Congress decides to extend the credit to other years.

Details of the new American Opportunity Credit
The credit is worth up to $2,500 on the first $4,000 of qualifying educational expenses, which include course materials as well as tuition. The American Opportunity credit applies to all four years of undergraduate college education. The credit is gradually reduced (or "phased out") for income from $80,000 to $90,000 (or $160,000 to $180,00 for joint filers). The tax credit is not available for people with incomes above the phase out range.

Originally Posted by The Ghost of Tom Joad View Post
well to give you an idea, i wrote a $64k check on april 15th last year at around 18% effective rate. that's the kind of ouch i deal with on a yearly basis.
you win.