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.
It isn't your year to claim your child as a dependent, can you still claim Head of Household for the EIC? Learn more from the tax experts at H&R Block
What is the difference between a child tax credit and a dependent exemption? Learn more from the tax experts at H&R Block.
Learn more about earned income credit eligibility and get tax answers at H&R Block.
Can you claim an energy credit for renovations to your residential home? Learn more from the tax experts at H&R Block.