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IRS Tax Tips August 6, 2024

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Issue Number: Tax Tip 2024-67
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*Taxpayers should review the education tax credits before they file*

There are two education tax credits [ [link removed] ] designed to help offset education costs: the American Opportunity Tax Credit [ [link removed] ] and the Lifetime Learning Credit [ [link removed] ].

*Eligibility requirements
*For both tax credits, to be eligible:


* The taxpayer, their spouse or their dependents must take post-high school coursework in tax year 2024.
* The student must have a Form 1098-T, Tuition Statement [ [link removed] ], from an eligible educational institution. There are exceptions [ [link removed] ] for some students.

*Things taxpayers should know about the education tax credits*.
The American Opportunity Tax Credit is:


* Worth a maximum benefit of up to $2,500 per eligible student.
* Available only for the first four years at an eligible college or vocational school.
* For students pursuing a degree or other recognized education credential.
* Partially refundable. People could get up to $1,000 back.

The Lifetime Learning Credit is:


* Worth a maximum benefit of up to $2,000 per tax return, per year, no matter how many students qualify.
* Available for all years of postsecondary education and for courses to acquire or improve job skills.
* Available for an unlimited number of tax years.

*Claiming the credits
*To claim either credit, taxpayers must complete Form 8863, Education Credits [ [link removed] ], and file it with their federal tax return.

*More information
*Compare Education Credits [ [link removed] ]
Tax Benefits for Education: Information Center [ [link removed] ]

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