A new tax credit can help Americans get a handle on college costs.
The new American Opportunity Tax Credit would save students or their parents up to $2,500 and is bigger than the Hope Credit.
It also can be used for the first four years of college education, unlike the Hope Credit’s two years.
Forty percent of the credit is refundable.
The tax credit is available for tax years 2009 and 2010.
Additional information can be found on the IRS website: http://www.irs.gov/newsroom/article/0,,id=205674,00.html.
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