Question: How is the amount of an education credit determined?
The amount of an education credit is based on the following:
- The amount of qualified tuition and related expenses you paid for each eligible student in the taxable year, and
- The amount of your modified adjusted gross income for the taxable year.
The amount of an education tax credit for each eligible student is subject to a phaseout.
You must use Form 8863 (.pdf), Education Credits (American Opportunity and Lifetime Learning Credits), to calculate and claim an education credit.
- Am I Eligible to Claim an Education Credit?
- Instructions for Form 8863 (.pdf), Education Credits (American Opportunity and Lifetime Learning Credits)
- Publication 970, Tax Benefits for Education
Category: Child Care Credit, Other Credits
Subcategory: Education Credits