Question

How many college tax credits can I claim on my return?

Answer

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.

Related Topics

Related Resources

Accidentally Filed As Head Of Household

Accidentally filed as head of household, but a different status doesn’t change your refund. Do you need to amend your filing status? Learn more at H&R Block.

Student Dependent Requirements

Can you claim your child as a dependent if they are a full time student? Learn about dependent requirements and get tax answers from H&R Block.

Deducting HOA Fees

Find out if and when you can deduct HOA fees from your tax return. H&R Block advises on this information.

Store or Shred? “How Long Should I Keep Tax Records?”

Learn the ins and outs of keeping tax returns and related records with the experts at H&R Block. We explain the three year rule and any exceptions to it.