Tuition Tax Credit up to $2,500 Available to Students, Families
Families and students at the University of Arkansas can claim a tax credit of up to $2,500 per student through the American Opportunity Tax Credit. U.S. Sen. Mark Pryor reported that fewer than one-third of qualifying Arkansas families filed claims for this benefit on their 2009 returns, leaving an estimated $200 million unclaimed.
In a March 7 letter to Chancellor G. David Gearhart, Pryor asked that the university spread the word about the relatively new tax benefit. “We should all work together to identify simple ways to alleviate pressure on our students and their families — especially in an economy as turbulent and tough as the one we’re facing,” Pryor wrote.
The American Opportunity Tax Credit was included in passage of the American Recovery and Reinvestment Act, put forward by President Barack Obama and enacted by Congress in 2009.
To claim the American Opportunity Tax Credit on income tax returns for tax year 2009 and 2010, students or their families need to complete Form 8863, available for downloading as a PDF at the Internal Revenue Service website.
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Contacts
Charlie Alison, executive editor
University Relations
479-575-6731,
calison@uark.edu
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