The credit can, however, offset the child’s tax liability.
However, the credit is not refundable if the taxpayer is a child subject to the kiddie tax rules. Up to 40% ($1,000) of the American Opportunity Credit is refundable if the credit exceeds the taxpayer’s tax liability for the year. Qualified expenses include tuition, fees, and course materials (books, supplies and equipment needed for the student’s course of study), adjusted for tax-free educational assistance. However, the credit cannot be claimed on a married filing separately return. The credit is phased out for taxpayers with $160,000 to $180,000 of modified adjusted gross income on a joint return or $80,000 to $90,000 on another return. The credit is a per-student credit-thus, it can be claimed for each eligible student for whom qualified expenses were paid. The maximum annual credit is equal to 100% of the first $2,000 of qualified education expenses paid for an eligible student and 25% of the next $2,000 of eligible expenses paid for that student-for a maximum annual credit of $2,500. However, if a student takes more than four years to graduate, the credit can be claimed only for the first four years of attendance. As a general rule, the credit can be claimed for each of a student’s freshman through senior years of college. The credit is allowed for a year if the student was enrolled for at least one academic period in a program leading to a degree, certificate, or other recognized academic credential, and carried at least one-half the normal workload for their course of study. An eligible student may be the taxpayer, the taxpayer’s spouse, or a dependent claimed on the taxpayer’s return. The American Opportunity Credit can be claimed for the first four years of an eligible student’s post-secondary education. The tax law provides two tax credits to offset the cost of higher education: the American Opportunity Credit and the Lifetime Learning Credit (Code Sec. Feel free to pass this information on to clients to help them understand their options. Here is an excerpt of the white paper “Tax strategies for families with children” that covers several of these child-centered tax benefits-and highlight tax strategies for maximizing tax savings and avoiding potential pitfalls. However, to make the best use of these tax benefits, families must understand how they work.
Full system requirements here. Pro Tools 2021.10 is available on your Avid Account as long as you have current update and support plan or subscription.The tax law has become increasingly family focused in recent years, providing tax breaks for families with children including tax credits for children, tax breaks for child care, tax-favored accounts for education savings, and much more.
Please also note that the new MacBook Pros with M1 Pro and M1 Max are still in test phase and not supported yet.
Pro Tools 2021.10 is compatible with MacOS Big Sur (11.6), Catalina (10.15.7), macOS Mojave (10.14.6 and Windows 10 64-bit build 21H1. Quick access to the Track Presets in Workspace.Video Support with Apple Silicon (only on-screen video, video cards not supported yet).
HDX Hardware Support with Apple M1 Silicon.Native Instruments Komplete Kontrol support.Use Carbon Optical connection in S/PDIF mode.Control Carbon Mic Pres remotely with EUCON.Flexible Track Routing, any track width can be routed automatically to a different track width.
Here you’ll find quick videos about the new stuff. Pro Tools 2021.10 is now available to download bringing many new features and bugfixes.