If you are among the millions of people are paying for higher education, there might be tax breaks for college tuition when you use the American Opportunity Credit or the Lifetime Learning Credit. You, your spouse, or dependent may be eligible for these tax benefits on post-high school coursework, not just traditional 4-year college.
Details of each tax credit are as follows:
In order to be eligible to claim either the American Opportunity Credit or the Lifetime Learning Credit, you or your dependent(s) must use Form 1098-T which is available from the eligible educational institution. Talk to the institution or your tax advisor if you have specific questions about these tax credits.
For more money-saving tax tips, visit our Personal Taxes area.