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:
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.
Virtual tax preparations let you complete your taxes online from the comfort of your home. Find out how easy remote tax preparations can be at H&R Block.
Tax preparers can have various designation and specialties. Learn how different types of tax preparers at H&R Block can help you in person or virtually.
Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.
What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.