What education tax credits are available for students?


A student may claim one education tax credit during any particular year:
The Hope Credit and the Lifetime Learning Credit.


The amount of the credit is determined by the amount you pay for "qualified tuition and related expenses" for each student and the amount of your modified adjusted gross income (modified AGI).

What are qualified tuition and related expenses?
Included:
Tuition, fees required for enrollment or attendance at an accredited college, university, vocational school, or other post–secondary educational institution that is eligible to participate in a student aid program administered by the Department of Education.
Example - fees for books, supplies, and equipment only if the fees must be paid to the school for the student's enrollment or attendance.


Not included:
Room, board, insurance, transportation, or other similar personal, living, or family expenses.

Hope credit:
You can claim a Hope Credit only for an "eligible student" and for only two tax years for each eligible student.

An eligible student can be you, your spouse, or your dependent for whom you claim an exemption.

For details who is An "eligible student" - Visit IRS

Lifetime Learning Credit:

The students takes one or more courses.
Eligible educational institution
Not limited to students in the first two years of post–secondary education.
Expenses for graduate–level degree work are eligible.


Related;
Claim your child's Tax credit

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