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American Opportunity Tax Credit & IRS Forms

Tax credits and refundsAttend our massage school and receive tax credits of up to $2500

CFMNH is the ONLY massage school in Asheville approved by the United States Department of Education as a Title IV school, which means you may be eligible to take advantage of significant tax credits when you attend our program.

Below is information on available Tax Credits, as well as important forms and publications for completing your tax return.

American Opportunity Tax CreditAmerican Opportunity Tax Credit

Update May 31, 2013 — This page has been updated to reflect the fact that the American Opportunity Tax Credit, which was to expire at the end of 2012, was extended through December 2017 by the American Taxpayer Relief Act of 2012.

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify for the American Opportunity Tax Credit to help pay for college expenses.

The American Opportunity Tax Credit modifies the existing Hope Credit. The AOTC makes the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

The American Taxpayer Relief Act of 2012 extended the AOTC for five years through December 2017

If you still have questions about the American Opportunity Tax Credit, these questions and answers might help.

From the IRS: Eligible Educational Institutions:

An eligible educational institution is generally any accredited public, nonprofit, or proprietary (private) college, university, vocational school, or other post secondary institution. Also, the institution must be eligible to participate in a student aid program administered by the Department of Education. The Center for Massage & Natural Health meets these eligibility requirements.

Links

IRS American Opportunity Tax Credit

IRS Form 8863: Education Credits (American Opportunity and Lifetime Learning Credits) for your 2012 Tax Return

General Instructions on how to use Form 8863 to figure and claim your educational credits (American Opportunity and Lifetime Learning Credit)