Lifetime Learning Credit is a tax credit to help offset the cost of higher education. A taxpayer can receive up to $2,000 of credit PER TAX RETURN (and not per student) and it is available for all years of post-secondary education and for courses to acquire or improve job skills. Student does not need to pursue a degree or other recognized education credential and the number of … [Read more...] about Understanding the Lifetime Learning Credit
The American Opportunity credit is a new educational credit in order to help alleviate the cost of education in the United States. The maximum amount that can be claimed per eligible student is $2,500. It is available only for the first four years of post-secondary education (and this includes any years the Hope credit was claimed). Unlike the Hope and Lifetime learning credit, … [Read more...] about Understanding the American Opportunity Credit
With the introduction of the American Opportunity Credit, the Hope credit faded away since it offers less benefit. However, if you are living in the Midwestern disaster area, the Hope credit may yield a higher tax benefit than the American Opportunity Credit. So this article is directed for those individuals. So if you do not live in the Midwestern disaster area, Â you should … [Read more...] about Hope Credit: Who can still use this educational tax credit?