 Looking at the income tax formula, we're down here in the credit area at the bottom of the formula. Remember, in the first half of the income tax formula is, in essence, an income statement. Although a strange one, the bottom line being the taxable income, similar to net income, the bottom line of a normal income statement. We take that taxable income to calculate the tax before credits and other taxes, not with one rate, but with a progressive tax system. We then apply the credits and other taxes, like self-employment taxes. We then have the payments in the form of withholdings or estimated tax payments to get to the refund or tax due to the bottom line. We also note credits are similar to deductions in that we like them both, but if we can get a dollar credit versus a dollar deduction, we typically want the dollar credit because we get the full benefit of the dollar oftentimes as opposed to a deduction, which only decreases or reduces the taxable income, the benefit being a function of what our tax rate is. Also, the refundable credits breaking them out between the non-refundable credits and the refundable credits, non-refundable credits not taking the tax liability below zero. The refundable credits do making the tax code being used more as a welfare program or benefit program in that instance, as opposed to basically taxes by that point. Who is an eligible student to claim the American Opportunity Credit? The student for whom you pay qualified education expenses must be an eligible student. This is a student who meets all the following conditions. Note we're talking here specifically about the American Opportunity Credit, which is going to be the one that usually offers a bigger benefit but is more restrictive than the Lifetime Learning Credit. Therefore, if you don't qualify for the American Opportunity Credit, then you can default and see if you still qualify for the Lifetime Learning Credit. We'll talk about it more specifically in detail in future presentations. First one, the student didn't have expenses that were used to figure an American Opportunity Credit in any for earlier tax years. So that's for the student which could be claiming the credit on their parent's return as a dependent, for example, or possibly on their own return if they're not a dependent or some combination of the two within the four-year period, meaning they might have been on their parent's return as a dependent or something like that, and then file their own return. No matter where the credit was claimed, it's tied to that student's expenses and you only have the four years to be claiming the American Opportunity Credit, after which time you might be able to default to the Lifetime Learning. The second one looks similar but is different. The student hadn't completed the first four years of post-secondary education, generally freshman, sophomore, junior, and senior years of college before 2022. So when we think about college traditionally, we kind of pack it into that four-year time frame of freshman, sophomore, junior, and senior years. But in practice, obviously many people might take longer times than that because you would think that would be like a full-time student type of scenario, or sometimes in some cases people might do it in the shorter time frame and you've got some kind of schools that are more vocational in structure that might not fit as neatly into this kind of threshold or scenario, but you've got to talk to the college in terms of what that means with regards to any particular institution because once you're past that threshold, then you would think that you're in something that's going to be like a master's or something like that, in which case it may not qualify for the American Opportunity Credit would be the general idea. But you could be in a situation for example where you're in like, you took six years or something to complete the freshman, sophomore, junior, and senior years because you're working or something like that and possibly you didn't take the credit for some prior year maybe because you got money that was from grant money or something like that and you got tax benefit money through work or something like that and therefore you hadn't done number one here but you hadn't used your expenses for four years up even though you've been going to school to some degree for six years and you have not yet finished the freshman, sophomore, junior, and senior years and you would still possibly be able to claim the American Opportunity Credit in that situation. Alright, so next one. For at least one academic period beginning in 2022 or the first three months of 2023, if the qualified expenses were paid in 2022, the student was enrolled at least half-time in a program leading to a degree certificate or other recognized educational credential. Let's break that one down for at least one academic period so when we think about the academic periods usually that's going to be a trimester, semester or something like that you've got to talk to the finance, to the school to see what their academic periods are they're going to have to line up to this language to some degree in order to be in compliance with these kind of things although there could be some variance there. Beginning in 2022, so in the tax year 2022 or the first three months of 2023 if the qualified expenses were paid in 2022. Why? Because we have that cut-off situation you might have paid for it in 2022 for courses that don't start till 2023 so you've got that three month timeframe in that situation. The student was enrolled at least half-time so there's another key term that you're going to have to most likely talk to the institution educational institution to say what does half-time mean to you in terms of the number of courses that need to be taken to be picking that up in a program leading to a degree certificate or other recognized educational credential usually that's what you're doing there at the school getting some kind of degree or certificate but you want to make sure that that is going to be fulfilled as well in terms of the purpose of the school or you're working towards that. Alright, next one. The student hasn't been convicted of any felony, any federal or state felony for purposes of distributing a controlled substance as of the end of 2022. They kind of threw that one in there it's kind of a random one but there it is.