If you are paying college tuition for yourself or your child, you could be eligible for a tax credit of up to $2,500 a year thanks to the American Opportunity Tax Credit.

In a press conference yesterday at SUNY Purchase, U.S. Senator Charles Schumer (D-NY) revealed that 57% of eligible New Yorkers did not claim the credit on their 2009 tax returns. In Westchester County, this amounts to up to $39 million in unclaimed tax credits. Fortunately, there is still time to amend last year’s returns so you may be able to benefit from the credit retroactively as well as on the current year’s return.

For information about how to amend your tax return from last year, please visit: http://www.irs.ustreas.gov/newsroom/article/0,,id=108657,00.html

For more information about the American Opportunity Tax Credit, please visit: http://www.irs.gov/newsroom/article/0,,id=211309,00.html