There is an amazing tool on the irs.gov website that will help you determine if you're eligible for certain educational credits or deductions including the American Opportunity Credit, the Lifetime Learning Credit, and the Tuition and Fees Deduction.
Information You'll Need
Filing status;
Student's enrollment status;
Your adjusted gross income;
Who paid the expenses, when the expenses were paid, and for what academic period;
If any expenses were paid with tax-exempt funds;
If any expenses were paid with distributions from a Coverdell Education Savings Account or Qualified Tuition Program.
The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year.
See the link below:
CONTACT US TODAY if you have any questions or need help with the preparation of your tax returns.
Sincerely,
Maryna Varabyova, CPA
(877) 677-3737
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