What are the Education Credits?

What are the Education Credits?

The American Opportunity Credit: This credit can help parents and students pay part of the cost of the first four years of college. The American Recovery and Reinvestment Act modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the…

I’ve paid tuition to a foreign educational institution. Are these expenses eligible for a deduction or credit?

I’ve paid tuition to a foreign educational institution. Are these expenses eligible for a deduction or credit?

In general, these expenses will not be deductible or eligible for a credit unless they are accrued from an eligible educational institution. Qualified expenses are amounts paid for tuition, fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution. An eligible educational institution is…