First the credit changed names years ago to the American Opportunity Credit ...
Why didn't I get a credit or deduction for
education expenses?
To get a credit or
deduction for education expenses, you have to pay tuition or related costs for
yourself, your spouse, or another dependent on your return. If you paid tuition
or other education expenses for someone who's claimed on another person's
return, you won't qualify.
If any of these things are
true, you also won't qualify:
·
Your filing status is married filing separately.
·
Your Adjusted Gross Income on your tax return is too high.
o American
Opportunity Tax Credit limit is $90,000 ($180,000 for joint returns).
o Lifetime
Learning credit limit is $65,000 ($130,000 for joint returns).
o Tuition
and Fees Deduction limit is $80,000 ($160,000 for joint returns).
·
Your expenses were paid with tax-free scholarships, fellowships,
grants, education savings account funds, tax-free savings bond interest, or
employer-provided education assistance.
Related Information:
·
Who
is eligible to take the American Opportunity Tax Credit?
·
What
expenses qualify for the American Opportunity Tax Credit and which ones do not?
·
Who
is eligible for the Lifetime Learning Credit?
·
What
expenses qualify for the Lifetime Learning Credit?
·
What
is the Tuition and Fees Deduction?
