Educational deduction that is taken on the 1040A will be accompanied by the new American Opportunity Tax Credit which provides up to $2,500 for people pursuing undergraduate education. Replacing and expanding on former the Hope credit, the American Opportunity credit is scheduled to be effective for the years 2009 and 2010 only.
This coupled with educational grants and aid can make a tremendous difference for students enrolled in education programs during the years 2009 and 2010.
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