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Tag: tuition

Education Credit

You can qualify for an education credit if you paid the cost of higher education. If eligible, it reduces the amount of taxes you owe on your return and could lead to a refund. There are two education credits: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). There are additional rules […]

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Tuition and Fees Deduction

The tuition and fees deduction allows you to deduct up to $4,000 of qualified educational expenses from your adjusted gross income. Qualifying expenses include tuition and fees for enrollment at an eligible institution for higher education that you paid for your own education, that of a spouse, or of a dependent. Personal, living, or family expenses, such […]

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