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Email: tax@kinglawpl.com
Taxpayers who pay for higher education in 2018 can see tax savings when they file their tax returns. If taxpayers, their spouses, or their dependents take post-high school coursework, they may be eligible for a tax benefit.
There are two credits available to help taxpayers offset the costs of higher education. The American opportunity credit and the lifetime learning credit may reduce the amount of income tax owed. Taxpayers use Form 8863 , Education Credits, to claim the credits.
The American opportunity credit is:
The lifetime learning credit is:
To be eligible to claim the American opportunity credit, or the lifetime learning credit, the law requires a taxpayer or a dependent to have received Form 1098-T from an eligible educational institution.
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Attorney Mary King offers tax services to clients located in Florida and across the United States.
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3389 Magic Oak Lane, Sarasota, FL 34232
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