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IM starting graduate school full-time in January 2021. Will I qualify for any tax credits?

 
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2 Replies

IM starting graduate school full-time in January 2021. Will I qualify for any tax credits?

Maybe.  We know nothing about the income you will receive since you have not told us anything.  You cannot get the American Opportunity Credit--that is only for the first four years of undergraduate education.  

You might be eligible for the Tuition and Fees deduction or the Lifetime Learning Credit.

 

Another  factor  is whether you can still be claimed as someone else's dependent.  Dependents cannot get education credits.  The credits go on the tax return of the person who can claim the dependent.

 

https://ttlc.intuit.com/questions/1901172-what-are-education-tax-credits

 

https://ttlc.intuit.com/questions/1901172-what-education-tax-credits-are-available 

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

https://ttlc.intuit.com/questions/3383321-why-didn-t-i-get-a-credit-or-deduction-for-education-expen...

https://ttlc.intuit.com/questions/3262984-who-is-eligible-for-the-lifetime-learning-credit

https://ttlc.intuit.com/questions/1900981-can-i-deduct-education-expenses-that-were-paid-with-studen...

https://www.eitc.irs.gov/other-refundable-credits-toolkit/compare-education-credits-and-tuition-and-...

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

IM starting graduate school full-time in January 2021. Will I qualify for any tax credits?

The Tuition and Fees deduction and the Lifetime Learning Credit (LLC) are non-refundable.  That is, they can only be used to reduce an actual tax liability. The LLC can be as much as $2000.

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