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Education Tax Credits (ASL) -YouTube video text script

Hi, I’m Patrick, and I work for the IRS.    

If you pay tuition, books or other fees for your own college education or your children’s, you could save some money by using tax credits when you file your tax return.  

For example, you could get up to $2,500 from the American Opportunity Tax Credit or up to $2,000 from the Lifetime Learning Credit.   

To find out if you’re eligible, go to our education center on IRS.gov.

There, you’ll find a tool called the Interactive Tax Assistant that will walk you through the process.  

Most colleges or universities will send you Form 1098-T in January.    

The amounts shown in either Box 1 or 2 indicate the amount you paid for tuition and fees according to their records.   

But keep in mind that schools won't know nor are they required to report all qualified education expenses, such as books, supplies and equipment needed for a course of study.    

To help you figure these credits, you should 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.  

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 IRS.gov and typing “education center” in the search field.

Page Last Reviewed or Updated: 02-Sep-2016