Tax Law (Questions About Taxes)/TAX

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Question
WHY ARE THEY HOLDING THE SCHOOL CREDIT, I JUST FILED MY TAXES AND THEY JUST SAID I CANT USE MY SCHOOL CREDIT

Answer
Thank you for your question. Please check if one of these reasons bellow applies to you. This is what IRS says:
You cannot claim the American Opportunity and the Hope and Lifetime Learning Credits for the same student in the same year. You also cannot claim any of the credits if you claim a tuition and fees deduction for the same student in the same year. To qualify for an education credit, you must pay post-secondary tuition and certain related expenses for yourself, your spouse or your dependent. The credit may be claimed by the parent or the student, but not by both. Students who are claimed as a dependent cannot claim the credit.

For more information, see Publication 970, Tax Benefits for Education, which can be obtained online at IRS.gov or by calling the IRS at 800-TAX-FORM (800-829-3676).  

Tax Law (Questions About Taxes)

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Bruno Drummond, CPA & MSA

Expertise

International Taxation, Corporate and Individual Taxation.

Experience

Corporate and Pass-true entities.

Organizations
AICPA & MSCPA

Education/Credentials
CPA & MSA.

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