Chapter 9: Tax Credits

01.Core Concepts

2 Education Credits: • American Opportunity Tax Credit • Lifetime Learning Credit Common Elements: • Available for qualifying tuition and related expenses • Room and board costs are not eligible. • Available for taxpayer, spouse, and dependents • Course materials (including books, supplies, and equipment needed for a course of study) are considered qualified related expenses for the American Opportunity Tax Credit but are not for the Lifetime Learning Credit unless required by and paid to the education institution as a condition of enrollment or attendance.