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College Students May be Eligible for Tax Refunds or Credits

 
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DMCKEON
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Joined: Mar 17, 2005
Posts: 22572
Location: Staten Island

PostPosted: Thu Nov 12, 2009 7:05 pm    Post subject: College Students May be Eligible for Tax Refunds or Credits
From Thu Nov 12, 2009 3:00 am to Sun Nov 22, 2009 2:59 am (included)
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Great news! For the first time ever, college students may be able to claim tax refunds or tax credits for the course materials they buy. Students will be very happy to hear this news during your first day of class!

Thanks to the “American Opportunity Tax Credit,” textbooks and other course materials expenses – along with tuition and fees incurred in 2009 and 2010 (that are not covered by scholarships or grants) – may be claimed as a tax credit on that year's tax return. Students must keep their course materials receipts and transcripts to be eligible.
American Opportunity Tax Credit At A Glance:
• Certain restrictions apply, so visit www.textbookaid.org to get more details
• Eligible for the first four years of college
• In 2009 and 2010, tax credit of up to $2,500 of the out-of-pocket cost of tuition and related expenses including course materials paid during the taxable year
• Many of those eligible will qualify for the maximum annual credit of $2,500 per student
• The tax credit applies to 100% of the first $2,000 spent, and 25% of the next $2,000
• 40% of the credit is refundable with the maximum refundable amount of $1,000
• $13.907 billion in estimated benefits for students and families in 2009 and 2010
• President Obama has proposed to make credit permanent
Please make your students aware of the “American Opportunity Tax Credit” and encourage them to keep their course materials receipts and transcripts. It could be worth up to $2,500 to each student!
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