Tax Credits
Take Advantage of Tax Credits for College Tuition!
The federal government offers parents and students two tuition tax credit options. The Hope/American Opportunity and Lifetime Learning tax credits are available to help cover college tuition. Tax credits allow you to subtract the amount of the credit from your federal income tax bill (the deduction is subtracted from your income before your taxes are calculated).
- The Hope/American Opportunity Tax Credit applies to tax years 2009 and 2010. The maximum credit is $2500 and the student must be enrolled at least half time in a program that leads to a degree.
- The Lifetime Learning Tax Credit is available for all years of schooling beyond high school and for courses (even one) to acquire or improve job skills.
You can visit the following Web sites for more detailed information about these available tax credits: