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Bigger, Better College Tax Credit

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2024 • October 16, 2024 2:14 AM
OVERVIEW

The American Opportunity tax credit, which replaced the Hope Scholarship credit in 2009, covers more years of college and offers bigger, better benefits to more taxpaying students or their families. Here's how the American Opportunity tax credit and Lifetime Learning credit, another helpful education tax credit, can help offset the rising cost of attending college.

 

Key Takeaways

  • The American Opportunity Tax Credit (AOTC) reduces your tax bill dollar for dollar up to $2,500 (tax year 2024).
  • You get the maximum credit if you spend at least $4,000 in qualifying expenses, including the cost of books as well as tuition and fees.
  • The AOTC can be claimed for up to the first four years of qualified post-high-school education.
  • Up to 40% of the AOTC (as much as $1,000) can be returned to you as a tax refund even if you don't owe any taxes.

American Opportunity Tax Credit

The American Opportunity Tax Credit (AOTC), previously called the Hope College credit, is valued at $2,500 for 2024, up from $1,800 in 2008.  Because a tax credit reduces your tax bill dollar for dollar, this basically means Uncle Sam will give you up to $2,500 per year for each qualifying college student in your family.

  • Unlike the prior Hope credit, which was available only for a student’s first two years of college, the American Opportunity Tax Credit can be claimed for the first four years of qualified post-high-school education.
  • You can get the maximum credit if you spend at least $4,000 in qualifying expenses, which now include the cost of books as well as tuition and fees.

More credit for lower- and higher-income taxpayers

If you're a lower-income taxpayer and the credit is worth more than your tax bill for the year, up to 40% of the credit (as much as $1,000) can be returned to you as a tax refund even if you don't owe any taxes.

There’s also good news for some higher-income taxpayers:  The new rules greatly expanded the number of families who qualify for the credit.

  • The prior Hope credit was phased out for single taxpayers with Adjusted Gross Income (AGI) of more than $50,000 and it disappeared altogether at $60,000.
  • For couples filing jointly, the prior Hope credit phased out between $100,000 and $120,000 of AGI.
  • For 2024, the AOTC starts to decrease at $80,000 for single taxpayers and disappears at $90,000.
  • For married taxpayers filing jointly, those thresholds are now $160,000 and $180,000.

TurboTax Tip:

The Lifetime Learning Credit (LLC) is worth up to $2,000 and even applies to higher education after the first four years of higher education, classes taken less than half-time, or classes not in pursuit of a degree. You can’t take the LLC and the AOTC in the same year for the same student.

Who qualifies?

Most of the other rules for qualifying for the AOTC are the same as for the Hope credit:

  • The student must be enrolled at least half-time in a program pursuing an undergraduate degree or other recognized educational credential.
  • You can claim the credit for expenses paid for yourself, your spouse, or a child who's claimed as a dependent on your tax return.
  • If the student is claimed as a dependent on a parent’s tax return, the parent gets the credit, regardless of who actually pays the qualifying expenses.

Lifetime Learning credit

The changes in the Hope credit don't affect the Lifetime Learning Credit (LLC), which can apply to higher education often not covered by the American opportunity credit, for education after the four years of higher education, classes taken less than half-time, or classes not in pursuit of a degree.

The Lifetime Learning Credit:

  • Is worth up to $2,000 (the credit is actually worth 20% of the first $10,000 of qualifying costs).
  • The income phase-out zone is lower than for the AOTC.
  • For 2024, the Lifetime Learning Credit gradually disappears as AGI rises from $80,000 to $90,000 on single returns and from $160,000 to $180,000 on joint returns.

IRS publication 970 has more information about the American Opportunity Tax Credit and the Lifetime Learning Tax Credit.

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  • Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

  • 100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement  for details.

  • Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement  for details.

  • Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

  • Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.

  • TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.

  • Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.

  • Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.

  • TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.

  • Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.

  • Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.

  • Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.

  • Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

All features, services, support, prices, offers, terms and conditions are subject to change without notice.

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