The
American Opportunity Tax credit is a tax credit that may
be available to you if you pay higher education costs. You
may be able to claim
Hope
credit for qualified tuition and related expenses paid for
each eligible student in your family. For purposes of the
American Opportunity Tax credit, an eligible student is a
student who meets all of the following requirements:
- Did not have expenses that were
used to figure a American Opportunity Tax credit in any
2 earlier years.
- Had not completed the
first 2 years of postsecondary education (generally,
the freshman and sophomore years of college)
before current tax year.
- Was enrolled at least half time
in a program that leads to a degree, certificate, or
other recognized
educational
credential for at least one academic period beginning
in the current tax year.
- Was free of any federal or state
felony conviction for possessing or distributing a controlled
substance
as of
the end of the current tax year.
Generally, the credit is allowed
for tuition and fees required for enrollment or attendance
at an
eligible
educational
institution. These tuition and fees generally should
have been paid in current tax year for an academic period beginning
in current tax year or in the first three (3) months following the tax year.
For more information about the
American Opportunity Tax credit, call the Internal Revenue
Service at 1-800-TAX-1040 or
visit the following pages of the IRS website:
IRS
Publication 970 - Tax
Benefits for Higher Education (link opens new browser window) 
IRS
Taxpayer Help and Education – Frequently
Asked Tax Questions and Answers (link opens new browser
window)
This information is not intended as legal or tax advice.
Individuals should obtain IRS Publication 970, Tax Benefits
for Higher Education, or contact a tax advisor about personal
income tax situations.
