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Student Tax Credits and Deductions

The cost of enrolling in school can be expensive for the average student. But to reduce the financial burden, the IRS offers students two tax credits that can reduce their tax bills on a dollar-for-dollar basis. for your school-related expenses. In addition to the lifetime learning credit and American opportunity credit, students can take advantage of the deduction for student loan interest long after graduation.

American Opportunity Credits

Students who are studying towards a degree and haven’t completed more than four years of college or other postsecondary schooling are eligible for the American opportunity credit. The credit is available for tuition payments and the cost of books and other school supplies – but only if you maintain half-time enrollment status during the tax year. With tuition costs rising, it’s not hard to qualify for the maximum credit amount. And if you use student loans to finance your education, the IRS lets you include all expenses paid with loan money in the credit.

Lifetime Learning Credits

Students who have completed finished their first four years of post-secondary schooling or who just take a non-degree class to improve job skills may qualify for the lifetime learning credit instead. The credit also covers tuition and fees, but you can’t include the price of books and school supplies unless they are required. And just like the American opportunity tax credit, the IRS lets you take the lifetime learning credit despite using a student loan to pay all tuition. For example, the lifetime learning credit is equal to 20 percent of your tuition and fees, so if you use $2,000 of student loans to pay tuition, your credit will be $400. Therefore, if your tax bill is $1,000 before the credit, now you’ll only owe $600.

Form 8863

Any tax year that you claim either credit, the IRS requires Form 8863 to be filed with your income tax return. Use this form to calculate your eligible school expenses and to compute the amount of lifetime learning credit or American opportunity credit you qualify for. During tax time, however, your school will be sending you Form 1098-T, which reports all payments they’ve received from you that are qualified education expenses – meaning amounts you can include in both credit calculations.

Deducting Student Loan Interest

The tax savings from your education don’t end when you graduate. Deductions are also available for the interest portion of your loan payments. The amount of interest you can deduct each year is limited in that you can only write off the interest on loans. In other words, interest that accrues on student loans that were used for personal expenses is nondeductible.

IRS Publication 970-Tax Benefits for Education