Education Tax Breaks

Under the American Recovery and Reinvestment Act or ARRA, more students and parents will qualify for a tax credit in order to help them pay for college.

The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to more taxpayers, including many with larger incomes and for those who own zero taxes. It also says that required course material must be added to the list of expenses and allows the credit to be taken for post secondary education that lasts four years and not just two. Most of the eligible people will be qualified for a credit of $2,500.

More and more students who wish to attend college are struggling with trying to pay the rising tuition costs. It is advised that if you are planning on enrolling in college that you take a look at the IRS website to see how to qualify for the tax credit.

The IRS website is full of information explaining the education tax breaks and there is a sub-section on the website that contains the most frequently asked questions which may help you.

President Obama and his administration is urging young Americans to attend college and is developing programs that will assist students in funding their college degree programs.

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