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The Tuition and Fees Deduction was phased out, but two main credits are currently available: the American Opportunity Credit and the Lifetime Learning Credit.
The lifetime learning credit lets you claim up to 20% of the first $10,000 in qualifying expenses — up to $2,000 per tax return — to help offset the educational costs of a qualifying student.
The Lifetime Learning Credit is similar to the American Opportunity Tax Credit, but structured differently. It allows you to claim 20% of the first $10,000 you paid for tuition and fees in the ...
This summary is based largely on the summary provided by the Congressional Research Service, a public domain source. [2]The Student and Family Tax Simplification Act would amend the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses ...
This credit allows for a 20% non-refundable tax credit for first $10,000 of qualified tuition and expenses to be fully creditable against the taxpayer's total tax liability. The maximum amount of the credit is $2000 per household. [1] The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment.
The Lifetime Learning Credit [24] is 20% of the first $10,000 of cumulative expenses. These credits are phased out at incomes above $50,000 ($100,000 for joint returns) in 2009. Expenses for which a credit is claimed are not eligible for tax deduction. First time homebuyers credit up to $7,500 (closing date before Sept. 30, 2010).