Greetings Alum, and happy New Year! This month's update will be short, but very important. Please make sure you read through everything.
Patrick Carter Mobile: 414.702.4127 Work text: 414.246.5585 Office: 414.837.4000 x161
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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.
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