{"id":26791,"date":"2021-08-24T15:35:22","date_gmt":"2021-08-24T19:35:22","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=26791"},"modified":"2023-06-05T13:22:06","modified_gmt":"2023-06-05T18:22:06","slug":"two-tax-credits-every-college-student-should-know-about","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/two-tax-credits-every-college-student-should-know-about\/","title":{"rendered":"Two Tax Credits Every College Student Should Know About"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Between tuition, books, housing, and transportation, going to college is expensive.\u00a0 The good news is your education expenses can make you eligible for a money-saving education <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#constructivereceipt\" target=\"_blank\" rel=\"noreferrer noopener\">tax credit<\/a> when you file in 2022.\u00a0 Tax credits reduce the amount of taxes you owe and, in some cases, produce a refund.\u00a0 Here are the options that are available and what it takes to qualify.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-american-opportunity-tax-credit-aotc\" class=\"wp-block-heading\"><strong>American Opportunity Tax Credit (AOTC)<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Taxpayers who qualify for the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#classlife\" target=\"_blank\" rel=\"noreferrer noopener\">American Opportunity Tax Credit<\/a> can save up to $2,500 per student on their tax return.\u00a0 If the credit reduces your tax bill to zero, you can get up to $1,000 of the remaining portion back as a refund.\u00a0 The AOTC can only be claimed by students or their parents during the first 4 years of college.\u00a0 Qualifying expenses include tuition, enrollment fees, books, and other course related materials.\u00a0 You cannot claim room and board or transportation costs.\u00a0 The <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#interestincome\" target=\"_blank\" rel=\"noreferrer noopener\">IRS<\/a> has specific rules about who can claim the education tax credit.\u00a0 To qualify, you must be:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Attending your first four years of post-secondary education<\/li>\r\n\r\n\r\n\r\n<li>Enrolled at least part time in a <a href=\"https:\/\/en.wikipedia.org\/wiki\/College\" target=\"_blank\" rel=\"noreferrer noopener\">college<\/a> or <a href=\"https:\/\/en.wikipedia.org\/wiki\/Vocational_school\" target=\"_blank\" rel=\"noreferrer noopener\">vocational school<\/a><\/li>\r\n\r\n\r\n\r\n<li>Pursuing a degree or other recognized credential<\/li>\r\n\r\n\r\n\r\n<li>Have no felony drug convictions through the end of the tax year<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">To claim the full credit, your <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#mileage\" target=\"_blank\" rel=\"noreferrer noopener\">modified adjusted gross income (MAGI)<\/a> must be $80,000 or less ($160,000 or less for married couples filing jointly).\u00a0 If your MAGI falls between $80,000 &#8211; $90,000 ($160,000 &#8211; $180,000 for married filing jointly) then you can receive a reduced credit.\u00a0 Anything higher and you won\u2019t be eligible.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-lifetime-learning-credit-llc\" class=\"wp-block-heading\"><strong>Lifetime Learning Credit (LLC)<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#classlife\" target=\"_blank\" rel=\"noreferrer noopener\">The Lifetime Learning Credit<\/a> can be claimed by taxpayers who took undergraduate, graduate or professional development courses.\u00a0 The credit is worth up to $2,000 per tax return and there\u2019s no limit on the number of years you can claim it.\u00a0 To be eligible, you must be enrolled or taking classes at an eligible institution for at least one academic period.\u00a0 For tax year 2020, your MAGI must be $59,000 or less ($118,000 for married filing jointly) to receive the full credit.\u00a0 You\u2019ll receive a reduced credit if your MAGI is between $59,000 &#8211; $69,000 ($118,000 &#8211; $138,000 for married filing jointly).\u00a0 Anything higher and you no longer qualify.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-how-to-claim-your-education-tax-credit\" class=\"wp-block-heading\"><strong>How to claim your education tax credit<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">To claim the AOTC or LLC (you can\u2019t claim both), you or your parents will need to file a <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html#taxrefund\" target=\"_blank\" rel=\"noreferrer noopener\">tax return<\/a> using the <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1098\" target=\"_blank\" rel=\"noreferrer noopener\">Form 1098-T<\/a> which the school will provide by January 31<sup>st<\/sup>.\u00a0 Once you have the form and the rest of your tax documents, you can do your taxes using ezTaxReturn.com.\u00a0 We\u2019ll help you claim the appropriate education credit along with any other credits and deductions you deserve.\u00a0 So, you get the biggest possible refund, guaranteed.<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2>\u00a0<\/h2>\r\n<h2 style=\"text-align: center;\">File your taxes online the fast and ez way.<\/h2>\r\n<p>&nbsp;<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Between tuition, books, housing, and transportation, going to college is expensive.\u00a0 The good news is your education expenses can make you eligible for a money-saving education tax credit when you file in 2022.\u00a0 Tax credits reduce the amount of taxes you owe and, in some cases, produce a refund.\u00a0 Here are the options that are [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":26818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-26791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Two Tax Credits Every College Student Should Know About<\/title>\n<meta name=\"description\" content=\"Education expenses can make you eligible for a money-saving tax credit.\u00a0Here are the options that are available and what it takes to qualify.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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