College Tuition Tax Credits | American Opportunity Tax Credit | Lifetime Learning Credit

Today’s question comes from Cole in New Orleans, Louisiana:

“This is my first year at LSU, go Tigers, are there any tax deductions or credits for my tuition, books, or housing? Any help would be appreciated.”

College is more expensive than ever, but credits and deductions can help you cut thousands off your tax bill. Parents take most education tax credits, but they can be claimed by students who pay their own college expenses, file their own tax returns, and are not claimed as dependents on anyone else’s return.

There are two main tax credits for higher education expenses. The American Opportunity Tax Credit and The Lifetime Learning Credit. Let’s take a look at each…

If you have a question, please head over to our website http://www.askacpa.co and leave a question for us. Thanks for watching!