Can I use my college expenses or higher education cost on my tax return? There are different tax incentives for post-secondary education, and which one a taxpayer should claim varies based on their situation. Usually a taxpayer will get the most benefit from claiming the American Opportunity Credit if they qualify. It is a credit using expenses from tuition, fees that are required for enrollment, and required course materials. There are several requirements to qualify for this credit, and it can only be claimed for the first 4 years of post secondary education. Part of the credit could be refundable depending on the individual tax situation. If a taxpayer doesn’t qualify for the American Opportunity Credit, they may qualify for the Lifetime Learning Credit, work-related education expenses deduction, or the tuition and fees deduction. Your tax preparer will look at your situation and determine the best credit or deduction for your situation. As always feel free to post any questions or give us a call at 936-634-2405.
Posted on: Fri, 24 Jan 2014 03:35:57 +0000
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