Education Credits and Tax Benefits
QUALIFYING EXPENSES FOR EDUCATIONAL CREDITS
Which educational expenses qualify for the education credits? Tuition you paid for yourself, your spouse or a dependent to attend an eligible educational institution in 2019 should qualify. The amount of credit for the American Opportunity or Lifetime learning credits may be reduced depending on your adjusted gross income.
The Tax Credit and Jobs Act made no changes to:
the American opportunity credit (AOC).
the Lifetime learning credit.
This credit can be claimed for the first four years of college, and could be as high as $2,500 per year.
The term "qualified tuition and related expenses" includes "course materials," which means could include books, supplies and other equipment.
The tax credit is based on 100 percent of the first $2,000 of tuition, fees and course materials and 25 percent of the next $2,000.
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