This tax credit is available for up to $2,500 of college tuition and related expenses paid during the year. In order to get the full credit, you should have your modified adjusted gross income of $80,000 or less ($16,000 or less for married couples filing joint returns).
One of the good parts about the American Opportunity Credit is that it covers all four years of college. Furthermore, if the credit exceeds your tax liability at some point, 40% of it is refundable!
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