I have a question regarding education credit. If my children received student loans and scholarships, can I claim tax credit for education costs?
You can’t claim education credit for any education expense you or your dependent didn’t pay for. Student loans are considered paid by the person who’s legally liable for the loan — usually the student.
However, you can claim the education credit for expenses paid by your dependent students for these:
- American Opportunity Credit
- Lifetime Learning Credit
Since tax-free scholarships don’t have to be repaid, amounts paid for by scholarships aren’t considered paid by you or the student; therefore tax credit for education cannot be claimed.
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
Choosing the wrong filing status is a common mistake. Do you know what your tax filing status is? Read on to learn about filing statuses with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.