In this tax tutorial, you will learn about two tax credits taxpayers may claim for themselves or their dependents, for higher education.

• Hope Credit
• Lifetime Learning Credit

Form 8863, Education Credits, is used to determine eligibility and figure each credit.

Students receive Form 1098-T, Tuition Statement, from eligible educational institutions, which identify tuition and any related expenses paid to the educational institution, and/or reimbursements or refunds.

Taxpayers can choose the credit that will give them the lower tax; but they cannot claim both credits for the same expenses.