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AMERICAN OPPORTUNITY CREDIT
The American Opportunity Credit is a nonrefundable tax credit for students in their first two years of college. This tax credit may be used for tuition and related fees and is applicable to payments made on, or after, January 1, 1998. The credit is equal to 100% of the first $1,000 and 50% of the next $1,000 of qualified tuition and related expenses paid by the taxpayer within a tax year.
For more information concerning the American Opportunity Credit, call the Internal Revenue Service at 800-829-1040 or visit their website.