Catch a Break
Who says you can’t get a break these days? The American Recovery and Reinvestment Act may give you the break you’re looking for – help paying for college.
The American Opportunity Credit is worth up to $2,500 of the cost of tuition and related expenses. You can claim it on your 2009 and 2010 tax returns. The credit amount starts phasing out if you make more than $80,000, or $160,000 if you’re filing a joint return. Even if you don’t make enough money to file a return, file anyway because you may get up to $1,000 back.
And if you have a section 529 college savings plan, you can spend those funds on a computer that’s used for college.
You don’t need a course in rocket science to learn how it pays to go to college. Visit irs.gov/recovery .