| What are the tax benefits available as a result of the American Opportunit Credit?
The American opportunity tax credit, which expanded and renamed the already-existing Hope credit, can be claimed for tuition and certain fees you pay for higher education in 2009 and 2010.
Under the American Opportunity Credit, "taxpayers may be claim upto $2,500 for qualified education expenses paid for each eligible student." However, the American Opportunity Credit may be limited by the amount of the taxpayers adjusted gross income.
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