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Education Tax Credits - YouTube video text script

HI… I’M JULIANNE AND I WORK FOR THE INTERNAL REVENUE SERVICE.       

IF YOU OR YOUR KIDS ARE ATTENDING COLLEGE... YOU COULD SAVE MONEY ON THE COST OF TUITION… BOOKS… AND FEES JUST BY FILING YOUR TAX RETURN.       

FOR EXAMPLE… YOU COULD GET UP TO TWO-THOUSAND-500 DOLLARS FROM THE AMERICAN OPPORTUNITY TAX CREDIT OR UP TO TWO-THOUSAND DOLLARS FROM THE LIFETIME LEARNING CREDIT.       

TO FIND OUT IF YOU’RE ELIGIBLE…GO TO OUR EDUCATION CENTER ON I-R-S-DOT-GOV.     

THERE… YOU’LL FIND A TOOL CALLED THE  INTERACTIVE TAX ASSISTANT THAT WILL WALK YOU THROUGH THE PROCESS.      

TO  HELP YOU FIGURE THESE CREDITS… YOU SHOULD ONLY REPORT THE AMOUNTS YOU ACTUALLY PAID IN EDUCATION EXPENSES DURING THE YEAR… EVEN IF THE EXPENSES YOU PAID ARE DIFFERENT FROM THE AMOUNTS SHOWN IN EITHER BOX 1 OR 2 OF FORM 1098-T.      

THIS IS THE FORM THAT MOST COLLEGES OR UNIVERSITIES WILL SEND YOU IN JANUARY.       

JUST KEEP IN MIND THAT SCHOOLS WOULDN'T KNOW… NOR ARE THEY REQUIRED TO REPORT… ALL QUALIFIED EDUCATION EXPENSES… SUCH AS BOOKS… SUPPLIES… AND EQUIPMENT NEEDED FOR A COURSE OF STUDY.    

BUT REMEMBER… ONLY REPORT THE AMOUNTS YOU ACTUALLY PAID IN THE TAX YEAR.     

IT'S A GOOD IDEA TO KEEP RECORDS AND RECEIPTS OF EXPENSES PAID.     

YOU CAN GET MORE DETAILS ABOUT THIS AND OTHER INFORMATION BY GOING TO I-R-S-GOV AND TYPING EDUCATION CENTER IN THE SEARCH FIELD.

Page Last Reviewed or Updated: 24-Oct-2014