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What is the American Opportunity Tax Credit

The American Opportunity Tax Credit is a tax credit paid for an eligible student for the first four years of higher education for qualified educational expenses. This credit can be claimed during a student’s first four years of higher education. The credit allows for up to $2,500 annually to  be claimed per student based on the first $4,000 of qualified education expenses for tuition and required fees. Should the credit bring  your total   tax liability due down to $0, you can have40% (up to  $1,000) of the remaining credit refunded to you.

For information regarding education tax credits and your eligibility, it’s best to contact a certified or legal tax professional.

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