American Opportunity Tax Credit
GPTKB entity
Statements (94)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:tax_policy
|
| gptkbp:administered_by |
the Internal Revenue Service (IRS).
|
| gptkbp:affects |
tax liability.
|
| gptkbp:benefits |
can help students achieve their educational goals.
can significantly reduce tax liability. helps families afford college. low to moderate-income families. provides financial relief to families. students and their families. |
| gptkbp:can_be_combined_with |
other financial aid.
|
| gptkbp:claiming |
requires filing IRS Form 8863
can be claimed for up to four tax years. |
| gptkbp:created_by |
the American Recovery and Reinvestment Act of 2009.
|
| gptkbp:credit_refundable |
up to 40% of the credit
|
| gptkbp:description |
a tax credit for eligible students to help pay for college expenses
a tax credit for qualified education expenses for an eligible student for the first four years of higher education. |
| gptkbp:duration |
available for the first four years of higher education
|
| gptkbp:effective_date |
subject to legislative changes.
|
| gptkbp:eligible_expenses |
tuition and fees
course materials tuition and fees, course materials. |
| gptkbp:financial_aid |
is available for undergraduate students.
is available to many families. is intended to help families. reduces the overall cost of education. students pursuing undergraduate degrees. supports students financially. |
| gptkbp:financial_support |
students in need.
|
| gptkbp:form |
IRS Form 8863.
|
| gptkbp:has_limitations |
one credit per eligible student.
|
| gptkbp:has_programs |
provides financial assistance to students.
aims to increase college attendance. aims to make college more accessible. encourages investment in education. provides tax relief for education costs. provides tax savings. |
| https://www.w3.org/2000/01/rdf-schema#label |
American Opportunity Tax Credit
|
| gptkbp:impact |
helps reduce the cost of higher education.
|
| gptkbp:income_limit |
$160,000 for married couples filing jointly
$80,000 for single filers |
| gptkbp:income_phase-out |
begins at $80,000 for single filers and $160,000 for married couples filing jointly.
|
| gptkbp:introduced |
gptkb:2009
|
| gptkbp:is_a_form_of |
federal financial aid.
|
| gptkbp:is_a_tax_benefit_that |
can be claimed for eligible expenses.
is aimed at making education more affordable. reduces the cost of education. |
| gptkbp:is_a_tax_credit_that |
can help offset tuition costs.
encourages educational attainment. is available for eligible education expenses. is designed to support students. is subject to change by legislation. |
| gptkbp:is_a_tax_credit_which |
can be claimed for multiple students.
|
| gptkbp:is_a_tax_incentive_for |
higher education.
|
| gptkbp:is_a_tax_incentive_that |
is designed to promote higher education.
promotes higher education. |
| gptkbp:is_a_tax_relief_measure_for |
families with college students.
|
| gptkbp:is_applicable_to |
students enrolled in graduate programs.
tuition paid to eligible institutions. |
| gptkbp:is_available_for |
students attending college, university, or vocational school.
|
| gptkbp:is_available_for_students |
who have not completed their first four years of higher education.
|
| gptkbp:is_available_in |
U. S. citizens and eligible non-citizens.
students convicted of a felony drug offense. students who have completed their degree. |
| gptkbp:is_claimed_on |
the federal income tax return.
|
| gptkbp:is_debated_in |
the taxpayer, their spouse, or their dependent.
|
| gptkbp:is_designed_to |
encourage higher education enrollment.
reduce the financial burden of education. undergraduate education. |
| gptkbp:is_evaluated_by |
qualified education expenses.
|
| gptkbp:is_part_of |
U. S. federal tax policy.
the U. S. tax code. the federal tax system. |
| gptkbp:is_subject_to |
IRS regulations.
|
| gptkbp:maximum_credit |
$2,500 per eligible student
$2,500 per eligible student. |
| gptkbp:non-refundable_portion |
$1,500
up to $1,500. |
| gptkbp:phase-out_range |
$80,000 to $90,000 for single filers
$160,000 to $180,000 for married couples filing jointly |
| gptkbp:record |
requires documentation of qualified expenses.
|
| gptkbp:refundable |
up to 40% of the credit is refundable.
|
| gptkbp:related_tax_benefits |
Lifetime Learning Credit.
|
| gptkbp:replaced_by |
the Hope Scholarship Credit.
|
| gptkbp:replaces |
Hope Scholarship Credit
|
| gptkbp:reported_by |
the taxpayer's tax return.
|
| gptkbp:requires |
Form 1098-T from educational institutions.
|
| gptkbp:route_of_administration |
administered by the Internal Revenue Service (IRS)
|
| gptkbp:shelf_life |
set to expire after 2020 unless extended.
|
| gptkbp:student_enrollment |
must be enrolled at least half-time
must not have felony drug convictions must not have completed the first four years of higher education must be enrolled at least half-time. |
| gptkbp:year |
can be claimed for the tax year in which expenses are paid
applies to the tax year in which the expenses were paid. |