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Tax Benefits

IRS Publication 970

  1. Scholarships, Fellowships, Grants, and Tuition Reductions
  2. American Opportunity Credit
  3. Hope Credit
  4. Lifetime Learning Credit
  5. Student Loan Interest Deduction
  6. Student Loan Cancellations and Repayment Assistance
  7. Tuition and Fees Deduction
  8. Coverdell Education Savings Account (ESA)
  9. Qualified Tuition Program (QTP)
  10. Education Exception to Additional Tax on Early IRA Distributions
  11. Education Savings Bond Program
  12. Employer-Provided Educational Assistance
  13. Business Deduction for Work-Related Education

Differences between the American opportunity, Hope, and lifetime learning credits. (See Appendix B IRS Pub 970)

  • You can claim the Hope credit based on the same student’s expenses for no more than 2 tax years
  • The American opportunity credit can be claimed for the same student for no more than 4 tax years, but any year in which the Hope credit was claimed counts towards the 4 years.
  • There is no limit on the number of years for which you can claim a lifetime learning credit based on the same student’s expenses