How long education tax refund

However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. If you paid for college in the last year, you may be able to claim the American opportunity credit or lifetime learning credit, or the the tuition and fees deduction.

The American opportunity credit is generally the most valuable education tax credit, if you qualify. You can claim these education tax credits and deductions even if you paid for school with a student loan. Parents can take advantage, too, so long as they don't choose a married filing separately status. Here's what to know about each option. Who can claim it: The American opportunity credit is specifically for undergraduate college students and their parents.

You can claim the credit on your taxes for a maximum of four years. Is the American opportunity credit refundable? That's why the American opportunity credit is typically the best education tax break for students and their families. But you can claim books or supplies needed for coursework.

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It has been updated for the tax year. But there are ways for students and their families to ease the financial burden of higher education. Taxpayers can claim either tax break for their own expenses, the expenses of a spouse or the expenses of a dependent listed on their federal tax returns. The American opportunity tax credit can help a student or parents recover part of the college tuition, required fees and costs of course materials paid to an eligible educational institution during the tax year.

To be eligible to claim the AOTC, the student must be enrolled at least half time for one academic period beginning in the tax year and fulfill multiple other requirements.

The credit is only available for the first four years of undergraduate education. The lifetime learning credit is another tax credit available to help offset the costs of tuition and related expenses paid to an eligible institution of higher education.

Claimants face income limits based on their filing statuses. In some ways, the LLC is more expansive than the AOTC — it can be used to cover costs for undergraduate, graduate and professional degree courses. This is for courses or programs you take:. Each credit has a different definition of an eligible student.

Eligible students for the American Opportunity Credit must meet these requirements:. A student who takes one or more courses is eligible. So, working adults who take occasional courses to strengthen their job skills are eligible to claim this credit. Do you need to file taxes?

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