A break for parents with kids in college
Sending your first-born to college? How about your second, third and fourth?
The American opportunity tax credit, which was approved in 2009 as part of the government's stimulus package, has helped take some of the sting out of college tuition and fees, especially for those with more than one student in school. The break gives taxpayers a credit of up to $2,500 per student each year for each of four years for college. To gain the full benefit, household income for a couple must be no more than $160,0000; for singles, $80,000.
The credit is expected to expire next year, although the Obama administration is pushing to make it a permanent benefit for taxpayers.
NEXT: A break for workers
Last updated March 10 2011: 12:45 PM ET
