How many college tax credits can I claim on my return?
You can only claim one education credit per student on a return. Ex: You decide to claim the American Opportunity Credit for yourself. That means you can’t claim the Lifetime Learning Credit college tax credit for yourself as well.
Also, you might be able to take a deduction for student loan interest you paid. To do so, you must have made eligible student loan interest payments. You can claim this deduction even if you’re claiming an education credit.
You can combine college tax credits with tax-free distributions from both of these:
- Coverdell Education Savings Account
- Qualified tuition program (QTP)
You can’t use the same expenses for both benefits.
What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers 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.
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