{"id":92,"date":"2024-08-03T13:40:47","date_gmt":"2024-08-03T13:40:47","guid":{"rendered":"https:\/\/www.pjoocpa.com\/blog\/?p=92"},"modified":"2024-08-05T13:42:59","modified_gmt":"2024-08-05T13:42:59","slug":"claim-eligible-education-credit-or-refund-in-your-tax-return","status":"publish","type":"post","link":"https:\/\/www.pjoocpa.com\/blog\/2024\/08\/03\/claim-eligible-education-credit-or-refund-in-your-tax-return\/","title":{"rendered":"Claim eligible education credit or refund in your tax return"},"content":{"rendered":"\n
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Do you have children attending a college, post-graduate or vocational school? You may qualify for one of two education credits.<\/p>\n\n\n\n

Who can claim an education credit?<\/strong><\/p>\n\n\n\n

There are additional rules for each credit, but you must meet all<\/strong> three of the following for both:<\/p>\n\n\n\n

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  1. You, your dependent or a third party pays qualified education expenses<\/a> for higher education.<\/li>\n\n\n\n
  2. An eligible student must be enrolled at an eligible educational institution<\/a>.<\/li>\n\n\n\n
  3. The eligible student is yourself, your spouse or a dependent you list on your tax return.<\/li>\n<\/ol>\n\n\n\n

    What kinds of credits are available?<\/strong><\/p>\n\n\n\n

    \u2022 The maximum American Opportunity Tax Credit (AOTC) is $2,500 per student.<\/p>\n\n\n\n

    \u2022 The maximum Lifetime Learning Credit (LLC) is $2,000 per family.<\/p>\n\n\n\n

    For example, if you had 3 kids attending colleges in 2023, you may have claimed a total AOTC of $7,500, while the LLC is limited to $2,000 per family.<\/p>\n\n\n\n

    However, unlike the AOTC, the LLC is available for more than just four years of undergraduate study. You can generally only claim one credit or the other. Tip: Both credits are phased out for higher-income taxpayers based on modified adjusted gross income (MAGI).<\/p>\n\n\n\n

    What are the income limits for AOTC?<\/strong><\/p>\n\n\n\n