Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.
You can claim only one type of education credit per student on your federal tax return each year. If you pay college expenses for more than one student in the same year, you can claim credits on a per-student, per-year basis. For example, you can claim the AOTC for one student and the LLC for the other student.
You can use the IRS's Interactive Tax Assistant tool to help determine if you're eligible for these credits. The tool is available at IRS.gov.
These education benefits are subject to income limitations and may be reduced or eliminated depending on your income.
For more information, visit the Tax Benefits for Education Information Center at IRS.gov. Also, check Publication 970, Tax Benefits for Education. The booklet's also available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
TaxACT Free Federal and Deluxe Editions help you determine whether you qualify for these education tax benefits for your biggest guaranteed refund. Start your return now.
You can also use TaxACT's College Tax Whiz to learn about more education tax breaks.
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