Can you take advantage of one or more of the six following education-related tax breaks?
- American Opportunity Tax Credit (AOTC). The tax law provides a maximum $2,500 credit for qualified expenses of each qualified student in your family. For example, if you have three kids in school at the same time, you may take a maximum credit of $7,500 in that year. Also, under a recent law change, the AOTC now applies to the first four years of a student’s college education, instead of just two.