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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.
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