Education Credits

Are you a college student or a parent of a college student? If you are wondering what credits can be claimed, look no further. PCA Tax Professionals can help you claim education credits. Most taxpayers can claim credit for education expenses they paid for and or the expenses that the dependent student paid for. These expenses include any or specific payments to the school by grandparents or by other third parties that are treated as paid expenses for or on behalf of the student. This credit ( American Opportunity Credit) is allocated as follows: Income must not exceed $90,000 for an individual or single parent filing Head of Household. This credit is allocated as follows: Income must not exceed $180,000 for persons married filing joint. ( American Opportunity Credit) If utilizing the Lifetime Learning Credit the income cant exceed $69,000 if Single or Filing Head of Household. Maximum $138,000 or if Married filing joint. The Lifetime Learning credit books, supplies and equipment fees deduction only applies to tuition and fees paid to an institution as a condition of enrollment. Savings Bond interest inclusion is not considered an expense for either credit.