The American Opportunity Credit (AOC), is available for qualified tuition and related expenses:
- The maximum amount of the AOC is $2,500 per student.
- In 2019 the credit is phased out if your modified adjusted gross income (MAGI) is between $80,000 and $90,000 for single filers ($160,000 and $180,000, if you file a joint return). The phase out is the same in 2018.
- Generally, 40% of the AOC is now a refundable credit for most taxpayers, which means that you can receive up to $1,000 even if you owe no taxes
- The term 'qualified tuition and related expenses' includes expenditures for 'course materials'. For this purpose, the term 'course materials' means books, supplies, and equipment needed for a course of study whether or not the materials must be purchased from the educational institution as a condition of enrollment or attendance
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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