American opportunity tax credit is $ 2500 & lifetime learning credit is $1300
How many lifelong learning credits may Sheldon take this year in total?
- The American Opportunity Tax Credit is a tax credit that can be used to offset the cost of the first four years of post-secondary education.
- Each eligible student may receive a maximum annual credit of $2,500, and if no taxes are due, 40%, or $1,000, may be reimbursed.
- A student who qualifies for american opportunity credit can claim a credit of upto $ 2500 for adjusted qualified education expense paid for each student.
- lifetime learning credit is for post secondary courses and for adults and also for continuing education courses. The credit is $ 1300 per year and not per student.
To learn more about American opportunity tax credit refer
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