The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference
there are several tax benefits for college students, including: 1) American Opportunity Credit, 2) Lifetime Learning Credit, 3) Deduction for tuition and fees, 4) Deduction for student loan interest
You can only take the tuition and fee deduction on your Iowa return if you took it on your federal return.
Hard to believe, but it’s already back-to-school time. The IRS has information about the education credits and deductions that are available (from IRS Summertime Tax Tip 2011-18): Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 1. American Opportunity Credit This credit, originally […]
For those of you who have college expenses for yourself or your dependents, here are the changes and options available for 2010 returns. The Hope Credit does NOT exist anymore The American Opportunity Credit DOES exist. The credit is available for students in the first 4 years of college who are pursuing a degree or […]