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nyballer1
New Member

Am i eligable for a student college credit?

 
1 Reply
MaryD
New Member

Am i eligable for a student college credit?

There are three federal educational tax benefits for which a student may qualify. Only one of these may be taken in any given tax year. The American Opportunity Tax Credit and the Lifetime Learning Credit are credits that give you a dollar-for-dollar reduction in your tax. Up to $1,000 of the AOTC may be refundable, if your tax is zero. The least advantageous is the Tuition and Fees Deduction, which is not a dollar-for-dollar credit, but can provide up to $4,000 reduction in your taxable income.

For more information about eligibility for each of these benefits, income phase-out limits, and other requirements, please see IRS Education Benefits Comparison Chart.

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