It Pays To Know About the American Opportunity Tax Credit
Did you know you may qualify for a tax credit to help pay for your college fees and expenses?
The American Opportunity Tax Credit is worth up to $2,500 of the cost of fees and college expenses, and can be claimed on 2009 and 2010 tax returns. Don’t forget, the last day to file your return is April 15. College expenses include books, supplies and equipment needed for a course of study – regardless of where they are purchased. You may even be able to claim your computer.
“With so many families struggling, we want students to know about their options to help pay for college and take advantage of all the tax breaks they can,” said California Community Colleges Student Financial Aid Administrators Association President Jacque Bradley.
The full credit is available to individuals whose gross annual income is $80,000 or less, or $160,000 or less for married couples. Even students who don’t make enough money to file a return should do it anyway because they may get up to $1,000 back.
To take advantage of this tax credit, you can contact the Volunteer Income Tax Assistance (VITA) program at 1-800-829-1040. The VITA program offers free tax help to people with a gross annual income at or below $49,000 who need assistance preparing their tax returns.
The California Community Colleges encourage students and parents to learn more about this important tax credit and other financial aid opportunities by visiting icanaffordcollege.com today.