2. American Opportunity Tax Credit – The AOTC is worth up to $2,500 per year for an eligible student. You can claim this credit only for the first four years of higher education.
3. Lifetime Learning Credit – This credit can help pay for undergraduate, graduate, and professional degree courses. This credit is worth up to $2,000 on your tax return.
4. Form 1097-T – Starting in 2016, schools will report qualified educational expenses you’ve paid on a Tuition Statement of form 1098-T. You can also add the costs of books that may not be reported on this form.
5. Recent graduates – If you’ve recently graduated and relocated for a new job, you may be able to deduct your moving expenses on your tax return.
Have a great school year!