Home Tag "Internal Revenue Service"

If You're a Student, You May Be Eligible for a $2,500 Tax Credit

By Troy Onink
Contributor to Forbes

Taxpayers who paid qualified college tuition and fee expenses in 2014 may be able to claim the American Opportunity Tax Credit (AOTC) worth up to $2,500 per eligible child. Despite repeated calls for simplifying education tax incentives, frequent legislation submitted in Congress and ongoing confusion between taxpayers and the IRS about how and when to claim the various education tax credits, no one has succeeded in simplifying the mess, yet. The good news? The credit is available through 2017. That means $10,000 of tax savings per child in the next four years. Following are the rules to claim the credit properly, with links to the forms and instructions.

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