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Maximizing Your Education Tax Credit

November 26, 2019
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WHAT ARE YOUR OPTIONS?

Lifetime Learning Credit:

  • Maximum credit is $2,000 per tax return

  • No limit to how many years it is claimed

  • Nonrefundable (can be used to reduce tax owed but not to receive a refund)

American Opportunity Credit:

  • Maximum credit is $2,500 per tax return

  • Allowable on 4 years tax return maximum

  • Up to $1,000 is refundable

DON'T FORGET TO CLAIM YOUR EDUCATION CREDIT:

The cost of college can be overwhelming, but luckily there are a few options to recuperate some of your tuition expenses come tax time. Like most things tax, there is a strategy involved. Talk to your accountant at Martin Accounting Services, Inc. to decide which credit is right and most beneficial for you and your family.