Education Expenses
If I paid out $9,000 in education expenses, how can I get back all of the money?
Comments
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There are two different education credits.
The American Opportunity Tax Credit is limited to a max of $2,500
The Lifetime Learning Credit is 20% of eligible expenses up to a max of $2,000
Both are limited to qualified education expenses (tuition, books, and required fees).
Both have income limits.
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Hello,
Unfortunately there is no way to fully recoup your 9,000 dollars in education expenses. As the last commenter mentioned, there are two tax credits available. The American opportunity tax credit is made up of a refundable (up to 1,000 dollars) and a nonrefundable credit. The lifetime learning credit is nonrefundable - meaning it can only be used to reduce income tax to zero.
Thanks for using the FreeTaxUSA Community, and have a wonderful day.
