American Opportunity Tax Credit

American Opportunity Tax Credit

This page has information about the new tax credit given for education as outlined by Charles Shchumer at the Buffalo State Masters Program Graduation 2016. 

The Basics: The AOTC (American opportunity tax credit) is money given to you as a tax credit by the government to help with the cost of education.  A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit from the total they owe the state. In other words the amount of taxes you owe will decrease by the amount of the credit.  Schumer said this is retroactive 4 years and since you have already filed and received your refunds for those years, this will come in the form of a check directly to you.  The credit is up to $2,500 per year and 4 years retroactive can be as much as $10,000!  You're Welcome :-)

AOTC FAQ HERE

AOTC application HERE (2 pages, not too complex)

What is a Tax Credit again?

How do I retroactively file taxes? (the 1040X form and instructions)