Are you paying tuition? If so, you should have received a 1098-T. To add the 1098-T or tuition and expenses you paid (or took out a student loan for) from a qualified educational institution, you will select the following (even if you did not receive the 1098-T):
- Federal
- Deductions and Credits
- Show More next to Education
- Start next to Expenses and Scholarships
Depending on your situation, you may qualify for one of the following Education Credits.
Lifetime Learning Credit
- You can take this for an unlimited number of years
- Twenty percent of expenses up to $2,000
- Non-Refundable meaning this can reduce the amount of taxes you owe, but if your tax liability is less than the LLC, your tax will be reduced to $0 and the rest of the credit is lost.
American Opportunity Tax Credit
- Available for the first 4 years of college
- Max amount is $2,500 per student
- Partially refundable credit meaning if your tax liability is $0, 40% (up to $1,000) is refundable
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