American Opportunity Tax Credit

American Opportunity Tax Credit TextbookAid.org http://www.textbookaid.org

https://www.usatoday.com/story/opinion/2024/05/28/biden-junk-fees-higher-education-college-textbooks/73705911007/Great c...
05/28/2024

https://www.usatoday.com/story/opinion/2024/05/28/biden-junk-fees-higher-education-college-textbooks/73705911007/

Great commentary from the Chancellor of the Dallas Community College District. The irony is the proposal would actually increase junk fees -like online seller restocking fees and apply sales taxes on financial aid for textbooks, supplies, and equipment in a number of states where they are currently exempt as they are part of tuition.

The U.S. Department of Education proposal also will lead to many institutions no longer reporting books and supplies costs as part of tuition and fees on the 1098-T and students who use the Lifetime Learning Tax Credit from being able to claim these costs when included in tuition and fees under certain circumstances.

You can help the Biden administration ditch this bad draft proposal by visiting https://keeptextbooksaffordable.org/ and tell policymakers not to do this.

The Biden administration wants to label college textbooks as 'junk fees' and upend programs that provide required materials at a discount.

Not sure if you qualify for the American Opportunity Tax Credit or the recently enhanced Lifetime Learning Tax Credit? T...
03/30/2022

Not sure if you qualify for the American Opportunity Tax Credit or the recently enhanced Lifetime Learning Tax Credit? The IRS has a handy tool to walk you through a set of questions to find out if you qualify.

Find out if your education expenses qualify for a tax benefit.

The National Association of College Stores is working to raise awareness of the AOTC so every student and family that is...
08/25/2021

The National Association of College Stores is working to raise awareness of the AOTC so every student and family that is eligible takes full advantage of the credit and save receipts of eligible expenses for tax time next year. Please help spread the word. Here is our press release which includes some sample tweets and helpful links to the IRS.

OBERLIN, OH (August 23, 2021)–The National Association of College Stores (NACS) is supporting the campaign. Led by Illinois Congressman Danny K. Davis, the campaign aims to create an awareness of and encourage the nation’s 21 million college students to find out if they quali...

The IRS has released its annual Dirty Dozen list of tax scams to avoid. Of note for tax credits like the AOTC, be warry...
06/25/2021

The IRS has released its annual Dirty Dozen list of tax scams to avoid. Of note for tax credits like the AOTC, be warry of unscrupulous tax preparers that promise inflated refunds by claiming fake tax credits, including education credits. As a reminder, its very important if claiming the AOTC keep good records of eligible expenses -particularly qualified course material expenditures as these will not be included in your 1098-T Tuition tax statement in most cases you receive from a college, unless certain books and supplies were included within tuition and fees.

IR-2020-160, July 16, 2020 — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.

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