American Opportunity Tax Credit
The American Opportunity tax credit lets families take a credit for the first $2000 in qualified education expenses and 25% of the next $2000, for a total potential credit of $2500. This credit is good for 2009 and 2010. Single filers are eligible for the full credit if their adjusted gross income is $80,000 or less. Married couples can get full credit up to $160,000. The credit applies to tuition, fees, books and supplies, not room and board.
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