You'll need to sign in or create an account to connect with an expert.
You can only get one tax break each year for your educational expenses. If you are eligible for more than one tax break, TurboTax calculates the credit or deduction that results in the lowest tax for you. In general, credits are usually better than deductions, because they represent a dollar-for-dollar savings, whereas a deduction is used to reduce your taxable income, and may not result in as low an income tax as a credit.
You can only get one tax break each year for your educational expenses. If you are eligible for more than one tax break, TurboTax calculates the credit or deduction that results in the lowest tax for you. In general, credits are usually better than deductions, because they represent a dollar-for-dollar savings, whereas a deduction is used to reduce your taxable income, and may not result in as low an income tax as a credit.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
larockmanhere
Returning Member
baileygriffin64
New Member
PetesSake
New Member
mlchaffey
New Member
jenin429
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.