Greetings Alum, and happy New Year!
This month's update will be short, but very important. Please make sure you read through everything.
Work text: 414.246.5585
Office: 414.837.4000 x161
Recognize this form?
What is AOTC and can I benefit from it?
The short answer is yes, you may be able to benefit from the AOTC. The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you. Please refer to the IRS here for more information.