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2012-12-11 8:33 AM

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Subject: Education tax credits

I can't seem to find this education tax credit I'm looking for so I'm looking for any tax guru's out there.

There is a tax credit that allows you to put up to $2000 a year away towards education.  Doesn't have to be higher education either.  There was one that was limited to $2000 and then there was one that was unlimited. 

I know it's not Lifetime Learning or the American Opportunity Credit.

I came across it over the summer and totally forgot about it until now and of course I didn't bookmark it..

Any help?



2012-12-11 8:48 AM
in reply to: #4530411

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Subject: RE: Education tax credits

The American Opportunity Tax Credit modifies the existing Hope Credit for tax years 2009 and 2010 under ARRA. The credit was extended to apply for tax years 2011 and 2012 by the Tax Relief and Job Creation Act of 2010. The new credit makes the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

2012-12-11 8:51 AM
in reply to: #4530411

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Subject: RE: Education tax credits
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