Maybe. If you are self-employed, you deduct your expenses for qualifying work-related education directly from your self-employment income. This reduces the amount of your income subject to both income tax and self-employment tax.
For all others:
There are two education credits available: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC). There are additional rules for each credit, but you must meet all three of the following for both:
- You, your dependent or a third party pays qualified education expenses for higher education.
- An eligible student must be enrolled at an eligible educational institution.
- The eligible student is yourself, your spouse or a dependent you list on your tax return.
See this handy chart to compare the education credits.
******You can use the IRS's linked tool, "Am I Eligible to Claim an Education Credit?" to help you determine if you are eligible for education credits and deductions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
