It is income dependent, but there are multiple factors that determine the amount of the credit. For instance, 40% of credit may be refundable; the rest is nonrefundable, which means that part of the credit is limited to the amount of tax you must pay on your taxable income. The refundable is not contingent on your tax amount. Unlike the upper income limits which are pretty simple, there isn't a "minimum income" in order to qualify for the full $2,500. For more information see the following:
What Is the American Opportunity Tax Credit?
IRS Publication 970 Tax Benefits for Education
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