Wednesday, March 4, 2015

Save Thousands with Student Tax Credits!

Helping you save on college! As a student, or parent of a student, in the midst of a busy school year, tax season is probably the last thing you want to think about. This quick reference sheet will help you identify tax credits that could save you thousands of dollars. Two to keep in mind are the American Opportunity Credit and the Lifetime Learning Credit, outlined below. Taxpayers may only claim one credit per student per year. AMERICAN OPPORTUNITY CREDIT LIFETIME LEARNING CREDIT AMERICAN OPPORTUNITY CREDIT DETAILS: Can be worth up to $2,500 per eligible student. Available for the first four years of postsecondary education. Forty percent of the credit is refundable, which means that the student may be able to receive up to $1,000, even if no taxes are owed. AMERICAN OPPORTUNITY CREDIT REQUIREMENTS The student must be enrolled at least half time for at least one academic period, like a semester. Qualified expenses include tuition and fees, course-related books, supplies and equipment. LIFETIME LEARNING CREDIT DETAILS: Can be worth up to $2,000 per eligible student. Available for all years of postsecondary education and for courses to acquire or improve job skills. The maximum credit is limited to the amount of tax you must pay on your return. Does not provide benefit for people who owe no tax. The student does not need to be pursuing a recognized educational credential, such as a degree or certificate. Qualified expenses include tuition and fees, course-related books, supplies and equipment. WANT MORE INFO? For information on additional ways to save, or to learn more about the American Opportunity and Lifetime Learning credits, visit irs.gov. ONE Maricopa: Ten community colleges and the Maricopa Corporate College Maricopa Community College District cannot provide personal tax advice to students, as each student’s tax decision depends on his or her own individual circumstances. The Maricopa County Community College District is an EEO/AA institution.

This reference sheet will help you identify student #tax credits that could save you thousands of dollars, including the American Opportunity Credit and Lifetime Learning Credit.

For information on additional ways to save visit irs.gov.
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