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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.
This could be a very useful student tax credit depending on what stage the taxpayer is currently at in their education.The American opportunity credit modifies the Hope Scholarship credit for any tax years beginning in 2009 through 2017.