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Bookmark or Share- Education credits: questions and answers | Internal Revenue ServiceEducation credits. Find the answers to the most common questions you ask about the Education Credits -- the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC). Q1.
- Education Credits AOTC LLC | Internal Revenue ServiceAn education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC).
- AOTC | Internal Revenue ServiceThe American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student.
- Use The American Opportunity Tax Credit To Reduce College Expenses - ForbesHow the American Opportunity Tax Credit Works. The AOTC provides a 100% credit for the first $2,000 spent on qualifying education expenses. Then, you get 25% of the next $2,000 spent during the ...
- What Is the American Opportunity Tax Credit? - TurboTaxThe American opportunity credit allows taxpaying students or their parents the opportunity to reduce the cost of attending college. The credit typically offers greater tax savings than other education related tax benefits since it reduces the tax you owe on a dollar-for-dollar basis rather than just reducing the amount of income subject to tax.
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