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Educational Tax Credits Extended

Win McNamee, Getty Images

Two thirds of  post-secondary students in Wyoming attend school part-time.

Jim Rose, Executive Director of the Wyoming Community College Commission, says these are the kinds of students that benefit most from recent changes to educational tax law.

Last year The American Opportunity Tax Credit replaced the Hope Scholarship and last week the A-O-T-C was extended for two more years as part of the new federal tax bill.

“The difference between the new American  Opportunity Tax Credit and the old Hope Scholarship is that it really expanded the entire equation;  what those funds would be available for,  and the audience that they would be available to.”

Rose says the A-O-T-C has been geared to benefit students who traditionally attend low cost instituttions like community colleges.  The Tax credit’s expanded eligiblity, Rose says,  means more students and their parents are eligible for the up to 25 hundred dollar credit.

“The income levels now for AOTC have gone to- you have a modified gross income,  I think , of eighty thousand for a single tax payer and one hundred and sixty for a married couple.”

The credit has also been extended to cover text books and certain course materials. Rose says some students still living at home and many who work full-time may now benefit.

If you are interested in the full publication about the American Opportunity Tax Credit you can read Publication 970 which is an IRS Publication. If the thought of that instantly puts you to sleep then you can use an online tax return software company that will find tax credits for you.

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