As you work on your tax returns for last year, here is some helpful information from the IRS on the education tax credits available. The American Opportunity Credit can be up to $2,500 per student for the first four years of college, and up to $1,000 of that is refundable (meaning, even if you don’t owe any tax, you can receive up to $1,000 in a refund). The other credit is the Lifetime Learning Credit, which can be up to $2,000 per student per year, and as the name implies, is for an unlimited number of years os postsecondary education. The Lifetime Learning credit is not refundable.
These credits are available to most people paying postsecondary tuition and fees for yourself, your spouse, or your dependent. Alternatively, a taxpayer can take a deduction for tuition and fees paid.
Remember as you go through tax season, the IRS website has helpful tips and tools for taxpayers, and a decent search feature if you are looking for specific information.