Tax Guy: One way to beat the system when claiming tax breaks for education under the new tax law

The Tax Cuts and Jobs Act (TCJA) included many changes that affect individual taxpayers. But not so much for education-related tax breaks. The new law expanded one break, eliminated another, and left the rest untouched. Here’s the first installment of our two-part story on education breaks after the TCJA. The breaks covered here were not changed by the TCJA.

American Opportunity Credit covers up to $2,500 of undergraduate college expenses

The American Opportunity credit still equals 100% of the first $2,000 of qualified post-secondary education expenses plus 25% of the next $2,000 (assuming the phase-out rule explained later doesn’t affect you).

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