College students should study up on these two tax credits

Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey.

Eligible taxpayers who paid higher education costs for themselves, their spouses, or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing the amount of tax they owe.

If the American opportunity tax credit reduces the tax to zero, the taxpayer could receive a refund of up to $1,000.

Get the facts and discover how it fits your tax situation. Speak with a Tax Pro today.