Education

If you are still claimed as a dependent on your parents return, then they are the ones who get to claim the education credits. You cannot claim the education credits when you are a dependent. 

The qualifications of the credits are below:

 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. 
• Cannot be claimed as a dependent on any one else's return
• As a Married couple, your income must be below $160,000 for the full credit and below $180,000 for a partial credit

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
• Be enrolled in a degree or credential seeking program
• Not have a felony drug conviction
• Be enrolled at least half time
• cannot be claimed as a dependent on anyone else's return.
• As a Married couple, your income must be below $160,000 for the full credit and below $180,000 for a partial credit