The American Opportunity Tax Credit (AOTC) helps offset the cost of post-secondary education for students or their parents (if the student is a dependent).
AOTC authorizes a $2,500 annual tax credit for qualifying tuition expenses, tuition fees, and teaching materials.
Room and board, medical expenses, transportation and insurance are not eligible, as well as the corresponding expenses paid by the 529 plan.
Your Modified Adjusted Gross Income (MAGI) must be $80,000 or less ($160,000 if you are married) to qualify for a full loan.
Deductible taxes are expenses that a taxpayer or business can deduct from their adjusted gross income, which reduces their income, thereby reducing the total tax they must pay.
The Earned Income Tax Credit (EITC) is a refundable tax credit used to supplement the wages of low-income workers and help offset the impact of Social Security taxes.
As a result of the Tax Cuts and Jobs Act (TCJA), most taxpayers can now only carry forward net operating losses (NOLs) that occur in tax years after 2017 to a later year.
Form 4684 is the U.S. Internal Revenue Service (IRS) form for reporting profits or losses from accidents and thefts that occur as a result of a federally declared natural disaster that may be deductible for taxpayers who detail deductions.