It’s tax time again! This season, don’t forget to take advantage of the tax credits available to you as students! AND get FREE help file your taxes from the Campaign for Working Families! Make a virtual appointment or visit a tax site.
American Opportunity Tax Credit. Reduce total tax owed by up to $2,500 per qualified college student in a household. The AOTC can be claimed for the first undergraduate degree only. Qualified educational expenses you paid to deduct from total tax owed include: tuition (including first three months of 2024 if paid in 2023), mandatory fees, books, supplies, and equipment.
Lifetime Learning Credit. Reduce total tax owed by a maximum of $2,000 for educational expenses you paid for all individuals claimed on the tax return. All degrees are eligible (undergraduate, graduate, professional) including courses taken to acquire or improve job skills.
Required documents for AOTC and LLC: Form 1098 (for tuition payments), Form 8863, and receipts for all educational expenses claimed.
For further information and eligibility details, visit: irs.gov/newsroom/college-students-should-study-up-on-these-two-tax-credits.