College Tax Credit - KAIT Jonesboro, AR - Region 8 News, weather, sports

Don't overlook the college tax credit

JONESBORO, AR (KAIT) - The April 15th tax deadline will be here soon than you think.  There have been a number of new tax breaks for 2009.  If you are paying for college or someone else's college there is a tax credit you do not want to overlook.  It is called the American Opportunity Credit.  The credit modifies the existing hope credit, but the break included a larger range of taxpayers.  It is even available to students in their third and fourth year of college, and it is forty percent refundable.  Individuals can make up to 80,000 or couples up to 160,000 to earn the credit. 

Student Elizabeth Pegler thought the break sounded to perfect, "well that'd be great but are they going to include the online classes? A lot of us are not traditional students."  Tax consultant Rhonda Prine says "yes, as long as it is a credible institution."

The tax break will also cover books, supplies, and equipment.  So if you are doing classes online, you could write off your computer and internet.

Prine says take advantage of this credit now, "it is only for 2009-2010.  It's part of the American reinvestment act."

 Another tax break that can be beneficial is the Making Work Pay Credit.  Individually you could get up to four hundred dollars back, and eight hundred if you are married and filing jointly.  For more information and form for the tax credit or the American Opportunity Credit just got to www.irs.gov.  

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