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Under the American Recovery and Reinvestment Act, more parents and students will qualify for a tax credit, the American Opportunity Credit, to pay for college expenses.
The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. Additional information can be obtained from the Washington HECB (WA Higher Education Coordinating Board) web site.
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