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An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC).

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC).

You might be able to claim an American Opportunity Credit of up to $2,500 for 2018. You can apply this to qualified education expenses paid for each eligible student. The credit is calculated in two parts and is equal to: 100% of the first $2,000 of eligible expenses.

The full credit may be claimed by people with adjusted gross income (AGI) of up to $80,000 for single taxpayers and $160,000 for married taxpayers filing jointly. The credit is gradually reduced at higher income levels.

If the school didn't send you a 1098-T, don't panic. You can still file eligible education expenses on your federal income tax return. While the IRS usually requires a Form 1098-T for a student to claim the education credit, that's not the case for the tax year 2018 under certain circumstances.

With the American Opportunity Tax Credit (AOTC), you can get an annual credit of $2,500 per eligible student for qualified education expenses, such as tuition. And if your tax liability is low and you do not owe the IRS, you can get up to 40 percent of the credit in cash refunded to you.

You pay some or all qualified tuition and related expenses for the first 4 years of postsecondary education at an eligible educational institution. You paid qualified expenses for an eligible student (defined below). The eligible student is you, your spouse, or a dependent you claim on your tax return.

You can claim up to $2,500 per eligible student, per year. The credit covers 100% of the first $2,500 of qualified tuition, required fees, and qualified expenses, plus 25% of the next $2,000. 40% of the credit is refundable, so you may receive $1,000 per eligible student as a tax refund even if you owe no tax.

Who can claim the American opportunity tax credit? A. Generally, a taxpayer whose modified adjusted gross income is $80,000 or less ($160,000 or less for joint filers) can claim the credit for the qualified expenses of an eligible student.

Who gets the 1098-T form. Schools must send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. Qualified expenses include tuition, any fees that are required for enrollment, and course materials required for a student to be enrolled.

No. Whoever claims the student as a dependent is the only one who can claim expenses for the credits and deductions. You are not able to claim any education credits for a non-dependent child. To be able to claim education credit, the student in question must be a dependent claimed as an exemption on your tax return.

The tuition and fees deduction disappears entirely for AGI above $80,000 and $160,000 for single and joint filers, respectively. If you qualify, the tuition and fees deduction allows you to exclude up to $4,000 of qualifying expenses from your income, so the exact benefit depends on your tax bracket.

Couples filing jointly whose adjusted gross income (AGI) is less than $160,000 and single-filers whose AGI is less than $80,000 are eligible. And since 40% of the credit is refundable, that means students can get back up to $1,000 on their refund even if they don't owe any taxes, according to the IRS.

You can claim up to $2,500 per eligible student, per year. The credit covers 100% of the first $2,000 of qualified tuition, required fees, and qualified expenses, plus 25% of the next $2,000. 40% of the credit is refundable, so you may receive $1,000 per eligible student as a tax refund even if you owe no tax.

The maximum amount you can claim for the tuition and fees deduction is $4,000 per year. The deduction is further limited by the following income ranges based on modified adjusted gross incomes. These are 2017 thresholds: $4,000 maximum for income up to $65,000 ($130,000 for joint filers)