Pennsylvania – Here’s a tax credit that really makes the grade… education credits! Do you know how to know what education credits you’re eligible for on your taxes?
Got a kid in school? Or maybe you’re taking your own education to the next level?
CPA Richard Lavina says you may be able to deduct some of the cost of that learning on your income taxes.
There are two education credits currently available. One is the American Opportunity Tax Credit, and the other is the Lifetime Learning Credit.
The American Opportunity Credit is for undergraduate students (or parents of undergraduate students) who went to school at least part time for one semester in the previous year.
The Lifetime Learning Credit can be applied to some post-grad work too.
A tax professional can help you determine if you or your kids qualify.
However, Lavina reminds you that you can only take one credit per student. He explains that it’s like a credit on your tuition (and related expenses, like any fees associated with that) for these credits.