Monday, May 9, 2011

Education Tax Credits Can Help Pay for College

There are two great Education credits. The first is the American Opportunity Credit, the second is the Lifetime Learning Credit. If you or your dependent(s) qualify for the AOC, you can claim up to $4000 of qualified education expenses and get back up to $2500.

Although not as generous as the AOC, the LLC can be up to $2000. Additionally, eligibility for the credit is not as strict as the AOC.

Remember, even if you used borrowed funds to pay for your eligible expenses, you can still claim all of the expenses.

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