Did you know that if you or your dependents go to college you can claim up to $2,500 in Education Ta
How to claim the Education Tax Credit
In 2016 the Education credits are known as American Opportunity credit and the Lifetime learning credit.
It is best if you let an Income Tax Preparation expert help you because if you don’t do it right you may be banned from claiming the credit for up to 10 years.
This is what you have to do to qualify and legally claim the Education credit.
Enroll at or attend an eligible Educational Institution. An eligible Educational Institution is generally any college, university, vocational school or other post-secondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education.
Pay for qualified education expenses. in 2016 education expenses include amounts you paid for tuition and fees required for your enrollment and attendance at an eligible educational institution.
Have a valid tax payer Identification Number (TIN) by the due date of your 2016 tax return. If you don’t have a valid TIN by the due date you will not be able to claim the education credit on either your original return or an amended return.
Obtain form 1098-T from the educational institution. If the school is not required to provide the form 1098-T, but the school is an “eligible educational institution” you can still claim the credit if you can demonstrate that you paid for education and or supplies out of your pocket, loans or other means.