in 2022, yvette pays $3,000 in qualifying educational expenses in her first year at state college. her modified adjusted gross income (magi) during the year is $27,000. assuming she meets all other criteria, yvette’s american opportunity tax credit (aotc) is equal to what amount?

For eligible education costs incurred throughout the first four years of a student's postsecondary education, there is a tax credit known as the American opportunity tax credit (AOTC). Each eligible student may receive up to $2,500 in credit each year. The AOTC can be claimed on a tax return by the student, a person listing the student as a dependant, or a spouse paying postsecondary education payments.

The costs associated with attending the student's school, such as tuition, fees, and course materials, do not count as qualified educational expenses, nor do they cover housing and board, healthcare costs, insurance, or travel.

Learn more about American opportunity tax credit here:

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