February 07th, 2016
TAX TIP OF THE DAY... American Opportunity college credit
The American Opportunity credit is the best of all college tax breaks and provides up to $2,500 of additional refund. You need the 1098-T tax form issued by the school to determine your eligibility.
1) 1098-T... at least 1/2 time box must be checked
2) 1098-T... graduate degree box can not be checked
3) Adjusted gross income must be under $180k
4) you can use up to $4k of tuition, books and supplies not paid by scholarships
5) you must be claiming the student as a dependent on your tax return
6) you can use tuition paid by student loans.
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If you need a tax appointment... www.baboiancpa.com
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David S. Baboian, CPA