Barbara Weltman, author of two J.K. Lasser tax guides, calls the American opportunity tax credit a "new and improved" version of the Hope credit.
The maximum annual credit - $2,500 - is bigger than what was available under the Hope credit and the income eligibility has been eased somewhat. Also, it's available to students for the first four years of post-secondary education; the Hope credit could be used only for the first two years. Students also must be enrolled at least half-time.
On top of that, 40 percent...
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