American Opportunity Tax Credit (Free Money)

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46Young

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A while back, when I was asking if there were any Gov't programs to assist with college tuition (grants, not loans), no one here offered up any leads. Just today, I came to find out about the American Opportunity Tax Credit. As I understand it, it's a federal tax credit (as in 100% reimbursement) up to $2,500/yr, that covers tuition, books, and other education related materials. I believe that it also covers a new computer if your courses require correspondence, as is the case with distance learning. When I combine this with my county's one class a semester tuition reimbursement program, I can basically take seven classes or so at the local college every year, with books, for free. Check with your accountant to make sure it's legit. Hope this helps.
 
It'll help me out! I'm paying out of state tuition and will take any help I can get. Thanks :)
 
You are my hero today! I love, love, love this information. It made me do a snoopy dance right next to this semester's text books.
 
I use Turbotax to do my taxes and after seeing this topic just messed about with a few figures and Turbotax 'knows' about this tax break, cool :beerchug:
 
Enjoy, everyone. spread the word!
 
It only lasts for a few years - I believe 4 - so if you already have a degree or have taken 4 years of classes you aren't eligible.
 
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