Wondering what education tax credits you can take on your tax return?
If you, your spouse, or one of your dependents is enrolled in a higher education program, you have probably asked yourself, “What education credits can I take on my tax return?” Tuition costs are not cheap, so you want to take advantage of every tax break for which you are eligible.
There are two education tax credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.
Both of these credits have different eligibility requirements. In addition, you can only take one of them per tax return even if you qualify for both. These are some of the basic differences between these two tax credits.