College can be expensive. However, you should not let the cost deter you or your child from receiving a great education. Fortunately, if you are a college student or the parent of one, you may be eligible to receive college tax credits, also known as The American Opportunity Tax Credit.
The American Opportunity Tax Credit can be claimed for tuition, certain fees, supplies and materials for the first four years of post secondary education. This tax credit of up $2,500 is for qualified tuition related expenses and course materials.
Typically, a taxpayer whose modified adjusted gross income is $80,000 or less ($160,000 or less for joint filers) can claim the credit for the qualified expenses of an eligible student. The credit is reduced if a taxpayer’s modified adjusted gross income exceeds those amounts (IRS).
For questions or to receive more information on whether you may qualify for this tax credit, contact an experienced Tax Preparer at Metro Tax Solutions at 347-627-6262 or email info@metrotaxsolutions.com today.