Student Loans 2
The American Opportunity Credit can be claimed for the first four years of post-secondary education for expenses paid for tuition, certain fees and course materials, including books, supplies and equipment not paid by an institution. It is a tax credit of up to $2,500 per student if you make $80,000 or less. The credit is reduced if your modified adjusted gross income exceeds that amount and you simply cannot claim it if it is greater than $90,000. You can still benefit from the credit even if you don’t owe taxes. NOTE: You can’t combine the Lifetime Learning Credit with the American Opportunity Credit.
