Whether you\u2019re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus \u2013 and payment deadlines for tuition and other fees are not far behind.\u00a0 Students or parents paying such expenses should\u00a0keep receipts and\u00a0be aware of some tax benefits that can help offset college costs.<\/p>\n
Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.<\/p>\n
For each student, you can choose to claim only one of the credits in a single tax year. However, if you pay college expenses for two or more students in the same year, you can choose to take credits on a per-student, per-year basis. You can claim the American Opportunity Credit for your sophomore daughter and the Lifetime Learning Credit for your senior son.<\/p>\n
You cannot claim the tuition and fees deduction for the same student in the same year that you claim the American Opportunity Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction and should consider which is more beneficial for you.<\/p>\n
Self Help: <\/p>\n","protected":false},"excerpt":{"rendered":" Whether you\u2019re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus \u2013 and payment deadlines for tuition and other fees are not far behind.\u00a0 Students or parents paying such expenses should\u00a0keep receipts and\u00a0be aware of some tax benefits that can help … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/114"}],"collection":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=114"}],"version-history":[{"count":3,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/114\/revisions"}],"predecessor-version":[{"id":117,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/114\/revisions\/117"}],"wp:attachment":[{"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scottcpa.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFor more information, visit the Tax Benefits for Education Information Center at www.irs.gov<\/a> or check out Publication
\n970, Tax Benefits for Education, which can be downloaded at www.irs.gov<\/a> or ordered by calling 800-TAX-FORM (800-829-3676).<\/p>\n