Education Credits
An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.
Who Can Claim an Education Credit?
There are additional rules for each credit, but you must meet all three of the following for either credit:
Who Can Claim an Education Credit?
There are additional rules for each credit, but you must meet all three of the following for either credit:
- You, your dependent or a third party pays qualified education expenses for higher education.
- An eligible student must be enrolled at an eligible educational institution.
- The eligible student is yourself, your spouse or a dependent you list on your tax return.