Students and their parents are generally eligible to claim either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit via Form 8863 on their Form 1040.
In this video, I cover a scenario where a working student takes some part time classes and is eligible for the Lifetime Learning Tax Credit. The student already has a 4 year college degree which makes her ineligible to claim the AOTC. The student is also subject to a reduced credit amount because her adjusted gross income (AGI) exceeds the relevant thresholds.
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form8863 #Tuition #TaxCredit
26 авг 2024
