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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.
Eligible students for the American opportunity tax credit An eligible student is a person who has not completed four years of schooling, enrolls in at least one academic semester during the applicable tax year and maintains at least half-time status in a program leading to a degree or other credential.