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The new credit is currently available through 2017. The American Opportunity credit equals 100% of the first $2,000 of a studentâs qualified education expenses plus 25% of the next $2,000. The maximum annual credit is $2,500.
Forty percent of the American opportunity credit is refundable for most taxpayers. However, if you were under age 24 at the end of 2014 and the conditions listed below apply to you, you cannot claim any part of the American opportunity credit as a refundable credit on your tax return.