AOC for Tax year 2013

[Arutha]

<p>I don’t know how many of you knew, the AOC credit is extended through tax year 2013.</p>

<p>IRS link : <a href=“http://www.irs.gov/pub/irs-drop/rp-13-15.pdf[/url]”>http://www.irs.gov/pub/irs-drop/rp-13-15.pdf&lt;/a&gt;&lt;/p&gt;

<p>

4. Hope Scholarship, American Opportunity, and Lifetime Learning Credits.
   (1) For taxable years beginning in 2013, the Hope Scholarship Credit under
   § 25A(b)(1), as increased under § 25A(i) (the American Opportunity Tax Credit), is an amount equal to 100 percent of qualified tuition and related expenses not in excess of $2,000 plus 25 percent of those expenses in excess of $2,000, but not in excess of $4,000. Accordingly, the maximum H ope Scholarship Credit allowable under § 25A(b)(1) for taxable year s beginning in 2013 is $2,500.

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[collegeparents]

<p>The AOC was extended for 5 more years…2013 through 2017</p>