With tax season here, Americans are looking for tax credits to claim in order to see the biggest refunds possible from the IRS.
One tax credit available to a number of Americans is the American Opportunity Tax Credit.
This credit helps parents and students to afford the expenses they incur while paying for a degree.
This is for students going to school for their first four years.
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What is the AOTC from the IRS worth?
Students or parents of students can claim up to $2,500 for each student each year.
If this brings taxes owed down to $0, you can get 40% of what remains, not to exceed $1,000.
Don’t miss your $1,400 stimulus check from 2021
Eligibility requirements for the AOTC from the IRS?
- Pursuing a degree from a recognized college or university
- Must be enrolled at least half time
- Can not have completed 4 years of school already
- No felony drug convictions
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