For Immediate Release
February 1, 2013
Lower Columbia College students and families who had tuition and other college-related expenses in 2012 may be eligible to claim the American Opportunity Tax Credit when they prepare their federal income tax returns this year.
Form 1098T was mailed to qualified LCC students this week. Students who have questions can find additional information on the college website at: www.lowercolumbia.edu/taxcredit or call the American Opportunity Tax Credit phone line at 360-442-2920 to leave a message with any questions. Calls are returned the next business day.
American Opportunity replaces a similar tax credit provision called the Hope credit. The new credit of up $2,500 for tuition and eligible college expenses is higher than under the Hope provision. In addition, tax filers may now claim expenses incurred during the first four years of their postsecondary education rather than only the first two.
Depending on individual circumstances, the American Opportunity Tax Credit may not be the most advantageous tax option for all families with higher education expenses. The Washington Higher Education Coordinating Board website includes links to further information from the IRS: www.hecb.wa.gov/Paying/payingresources/AmTaxCredit.asp.
For additional information see: