Good news for parents looking for ways to help afford college! In a recent U.S. News & World Report article, there are two important tax credits that can help lessen that tuition burden. Here are some quick facts:
The American Opportunity Credit
Up to $2,500 per eligible student
Available for the first 4 years of post-secondary education
Student must be pursuing an undergraduate degree
Good for tuition, fees and course-related books and equipment
Usable by taxpayers making less than $80,000 or $160,000 for joint returns by married couples
Lifetime Learning Credit
Up to $2,000 per eligible student.
Available for all years of post-secondary education, as well as courses to gain/improve job skills
Students need not be pursuing a degree
Usable by taxpayers making less than $60,000 or $120,000 for joint returns by married couples
For more information, check out the whole article here
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