Planning Briefs
Getting A High Tax Grade For Higher Education Credits
Published Tuesday, June 20, 2017 at: 7:00 AM EDT
It costs a pretty penny to send a child to college these days, but at least parents may be eligible for some tax relief. For instance, if you qualify, you can claim either the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC) for your child. The maximum AOTC is $2,500 and it is available during each of the first four years of post-high school study for each student in your family. Meanwhile, the maximum LLC is $2,000 per year—your credit is 20% of the first $10,000 in qualifying expenses—and it can be claimed in any year your child is...
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