Tax Benefits

American Opportunity Tax Credit

The American Opportunity Tax Credit allows families to claim a credit of up to $2,500 for each eligible dependent for up to four tax years. The credit applies toward tuition and fees for the first two years of postsecondary education for students who are enrolled at least half-time in an eligible degree or certificate1 program.

Lifetime Learning Credit

The Lifetime Learning Credit allows families to claim up to $2,000 per year for postsecondary education, including undergraduate or graduate degrees or individual courses to acquire or improve job skills.

Additionally, you may be able to deduct up to $4,000 in tuition and fees from your income if you itemize deductions on your return. The Internal Revenue Service has more information about education-related tax benefits, including deductions for work-related education.