The beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs.
Here is information about two tax credits available to those who pay higher education costs for themselves, a spouse or a dependent.
The American Opportunity Tax Credit (AOTC) is:
The Lifetime Learning Credit (LLC) is:
Taxpayers should use Form 8863, Education Credits, to claim these education credits.
See IRS Publication 970, Tax Benefits for Education, for details, rules, examples and a complete explanation of benefits.
Avoid scams. The IRS does not initiate contact using social media or text message. The first contact normally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find out.
Additional IRS Resources:
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