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Credit for College Tuition
The tax credit for college tuition is much juicer for 2009 and 2010. The Hope credit is replaced by a new credit of up to $2,500 per student a year for four years of college, not just the first two. It now also covers the cost of books, and begins to phase out at a much higher levels of AGI . $80,000 for singles filers and $160,000 for couples. If the credit is more that your income tax liability, 40% of it is refundable. Also, the full credit is allowed against the minimum tax.
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