Halos builders and welcome back to the vamoosed today I'm going to be covering three tax breaks the American Opportunity Tax Credit the Lifetime Learning credit and the student loan interest deduction if you're a college student or a recent college graduate even a college dropout or you're the parent of one you're gonna want to know about these tax breaks so make sure you keep on watching we've had a ton of new people join the squad over the past couple of weeks so if you're new around here hello I'm makeva and I'm a 21 year old financial planner I run this channel along with my boyfriend Andy shag and together we talk about all things personal finance for young adults just like us we are so glad you're here joining us on this journey so I've seen a lot of misconceptions floating around out there on the interwebs about the tax credits and deductions that are available to college students like this one for example so it's time to clear the air and learn the facts there's a lot to know but I'm gonna try to keep this at a high level first up the American Opportunity Tax Credit which I will hereafter referred to as the a OTC because is but so many times you want to hear me say American Opportunity Tax Credit before leaving the video so here's the overview the alt C is a tax benefit related to money that has been paid for college expenses and the state from the name this is a tax credit which means that it directly reduces the tax that you own dollar for dollar on top of that forty percent of the credit may be refundable so for example this means that if your tax owed...
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More Affordable. Free Estimator. Learn More. For a comprehensive list of federal tax laws and Publication 936, Tax Information for Individuals, 2023 Edition, I encourage you to read Publication 936 — Tax Information for Individuals, released on April 26, 2018. Tax Return Preparer FAQs What do I need to do in order to prepare and file my 2023 Tax return? Form 1040X, U.S. Individual Income Tax Return, which can be found here. You must complete an extension using Form 8283A. This extension is for a period of one year after the due date of your 1040. If your taxpayer identification number (TIN) does not match the mailing address you are giving the IRS, you will need to provide proof, such as a certified copy of your tax return (or a copy of an extension letter) and a valid social security number. To view Form 8283A click here. What do I need to do in order to prepare and file my 2023 or later Tax return? You must use Form 1040NR, U.S. Individual Income Tax Return. For more information click here. What do I need to do in order to prepare and file my 2023 Tax Return? You must use Form 1040NR, U.S. Individual Income Tax Return. For more information click here. What do I need to do in order to prepare and file my 2023 or later Tax return? You must use the 2023 Tax Information for Individuals, Form 1040-R, U.S. Individual Income Tax Return.
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