@nickthecpa: The credits are the American Opportunity Tax Credit (up to a $2,500 credit, partially refundable, on up $4,000 of qualified education expenses) or the Life Time Learning Credit (up to a $2,000 credit, not refundable, on up to $10,000 of qualified education expenses). Single and Head of Household filers have an income phaseout of half that of married filing joint filers. And of course it can also be for your own education expenses, not just your dependents! And for medical expenses, remember, you have to itemize those expenses and they must exceed 7.5% of your adjusted gross income in order for you to begin itemizing them 😬

Nick Krop, CPA

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Region: US

Thursday 08 August 2024 23:52:16 GMT