American Opportunity Credit Legislation and Other Tax Credits
American Opportunity Credit and Tax Breaks Cut College Costs
The American Opportunity and Lifetime Learning Tax Credit can help make your education at Carroll more accessible.
The American Opportunity Credit is available for tax year 2012, which allows a maximum of $2,500 (100 percent of the first $2,000 and 25 percent of the next $2,000). The credit is available for the first four years of postsecondary education and 40 percent of the credit (up to $1,000) is refundable for many taxpayers.
Lifetime Learning Credit allows you to take a tax credit if you do not qualify for the American Opportunity Credit. You may take a tax credit of 20 percent for qualified expenses paid to a maximum of $2,000 ($10,000 x .20).