Military Spouses of Strength is a national nonprofit organization with a mission
to improve the health and overall wellness within the military community.
January 31 is when Americans around the country will begin to file taxes. For students or parents of students, understanding if you are eligible for education tax credits can be important to your financial situation.
Information below was obtained from http://www.irs.gov/Individuals/Education-Credits
The Internal Revenue Service (IRS) recognizes that the costs associated with attaining your education can be immense so they offer a number of educational tax credits that you may qualify for.
American Opportunity Credit: Recently extended through December 2017, this tax credit is a modification of the Hope Credit and now allows students to claim the credit any of the four years you are in college.
Hope Credit: Relevant to tax years 2008 and earlier
Lifelong Learning Credit: “This credit can help pay for undergraduate, graduate and professional degree courses – including courses to improve job skills – regardless of the number of years in the program.“ – IRS Tax Tip 2010-30
Deductible Education Related Expenses: You can deduct related tuition and education expenses that may help lower the amount of taxes you owe. Examples of education related expenses are expenses that had to be paid directly to the institution as a condition of enrollment:
Student Loan Interest: If you modified adjusted gross income was less than $75,000 (single) or $150,000 (joint) you can deduct interest pain on student loans. (Reference page 30 of the Tax Benefits for Education, Publication 970 of the IRS)
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