WebDec 20, 2024 · So you can claim a maximum of $2,500 per eligible student, depending on your filing status and modified adjusted gross income. The AOTC is refundable, which … Web0 min read. No. Whoever claims the student as a dependent is the only one who can claim expenses for the credits and deductions. You are not able to claim any education credits for a non-dependent child. To be able to claim education credit, the student in question must be a dependent claimed as an exemption on your tax return.
Screen Educate - Education Payments, Adjustments, Credits (1040)
WebQualified education expenses paid on behalf of the student by someone other than the student (such as a relative) are treated as paid by the student. However, qualified education expenses paid (or treated as paid) by a student who is claimed as a dependent on your tax return are treated as paid by you. WebFeb 12, 2024 · The familiar Hope Credit has been replaced by the new and improved American Opportunity Credit. For your 2024 taxes, the American Opportunity Tax Credit: Can be claimed in amounts up to $2,500 per student, calculated as 100% of the first $2,000 in college costs and 25% of the next $2,000. May be used toward required course … jlo is married to whom
American Opportunity Tax Credit (AOTC): Definition and Benefits
Web1 day ago · The American opportunity tax credit (AOTC) and lifetime learning credit (LLC) are the two biggest tax subsidies for college, providing a $2,500 and $2,000 tax credit, … WebTaxpayers can get a reduced amount of the credit if their MAGI is higher than $80,000 but less than $90,000 (between $160,000 and $180,000 for joint filers). Lifetime Learning Credit: $160,000 or more if married filing jointly, or $80,000 or more if your single, head of household, or qualifying widow (er). Beyond those limits the credit phases out. WebApr 14, 2024 · The maximum credit is 35% of your employment-related expenses. This decreases to 20% once your adjusted gross income exceeds $43,000. Since the … instax mini 9 blinking code