Parents and students see if you qualify for any college education tax credits or any of several other education-related college tax benefits.
The IRS will be able to accept the education credits forms following the completion of reprogramming and testing of its systems.
The IRS announced today that processing of tax returns claiming education credits using Form 8863 will begin by the middle of February after the IRS updates its processing systems.
For each student, you can choose to claim only one of the credits in a single tax year. However, if you pay college expenses for two or more students in the same year, you can choose to take credits on a per-student, per-year basis. You can…
Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009.
Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for dollar, from your federal income tax.