Got a Kid in College? Here are 4 Ways to Get Tax Credits!

Here are several ways you can get tax relief for college tuition without giving those savings to a CPA! 

American Opportunity Tax Credit
If your child is enrolled in college half-time or full-time for a bachelor’s degree, you may be eligible for $2,500 credit for the first $4,000 you spend on educational expenses as long as your adjusted gross income is less than $80,000 (or $160,000 for married joint filers).

Lifetime Learning Credit
If you make less than $65,000 (or $110,000 for married joint filers), you can get $2,000 off your first $10,000 in tuition expenses.

Tax Deductions for Tuition and Fees
If you don’t qualify for the 2 tax credits above, you may still get a tax break of up to $4,000 for tuition and fees if you make less than $80,000 (of $160,000 for married joint filers). As long as someone else isn’t claiming the student as a dependent, you may qualify for this, and you can claim this even if you don’t itemized your taxes.

Student Loan Interest Deduction
If you earn less than $65,000 (or $160,000 for married joint filers), you may be able to deduct up to $2,500 in student loan interest from your taxable income. And, you don’t have to itemize this on your tax returns.

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