February 6, 2013
If you or your kids are attending college, don't forget about the various education tax benefits that may be available to you. Some people overlook these important credits. You will need to figure out which of these you are eligible for and the one that's best for you, but one of the most popular is the American Opportunity Tax Credit. If you qualify, you could get up to a $2,500 tax credit per student for tuition, books, and certain fees you pay for during the first four years of higher education.
"Many of those eligible for the American Opportunity Tax Credit will qualify for the maximum annual credit of $2,500 per student." explained Paul Stanley of eTax.com. "Even if you don't earn enough to have to file a tax return, you should file one anyway because you could still get a refund for up to $1,000 for each eligible student."
The starting point to figure your credit is a Form 1098-T. That's the tuition statement you get from the college showing how much tuition and other qualifying expenses were paid for the student.
"Check with your school if you haven't received your tuition statement, and remember, be sure to keep your receipts, so whether you are sending the kids off to college or working on your own college degree." stated Stanley.
To find out more information about the American Opportunity Tax Credit visit eTax.com Help Center.
eTax.com was founded with the goal of helping people prepare and file their tax return quickly, easily and affordably. Since then, eTax.com has grown to become one of the most popular online tax preparation services. For more information about eTax.com, visit http://www.etax.com.
Find out more about all the education credits and deductions at etax.com