{"id":331,"date":"2012-03-03T04:38:58","date_gmt":"2012-03-03T09:38:58","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=331"},"modified":"2024-11-23T08:32:11","modified_gmt":"2024-11-23T13:32:11","slug":"education-tax-credits-help-pay-higher-education-costs","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=331","title":{"rendered":"Education Tax Credits Help Pay Higher Education Costs"},"content":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Tax Tip 2012-37<\/span><\/span><\/h3>\n

Inside This Issue<\/span><\/span><\/h3>\n
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Two federal tax credits may help you offset the costs of higher education for yourself or your dependents.\u00a0 These are the American Opportunity Credit and the Lifetime Learning Credit.<\/span><\/p>\n

To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be claimed by either the parent or the student, but not both. If the student was claimed as a dependent, the student cannot file for the credit.<\/span><\/p>\n

For each student, you may claim only one of the credits in a single tax year. You cannot claim the American Opportunity Credit to pay for part of your daughter’s tuition charges and then claim the Lifetime Learning Credit for $2,000 more of her school costs.<\/span><\/p>\n

However, if you pay college expenses for two or more students in the same year, you can choose to take credits on a per-student, per-year basis. You can claim the American Opportunity Credit for your sophomore daughter and the Lifetime Learning Credit for your spouse’s graduate school tuition.<\/span><\/p>\n

Here are some key facts the IRS wants you to know about these valuable education credits:<\/span><\/p>\n

1. The American Opportunity Credit<\/span><\/strong><\/p>\n