Parents and students should check if they qualify for either of two college education tax credits or any of several other education-related tax benefits, according to the IRS.
The American Opportunity Tax Credit, the Lifetime Learning Credit, and the tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer. Though a taxpayer often qualifies for more than one of these benefits, they can only claim one of them for a particular student in a particular year.
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