Q&A of the Week October 17, 2024

Question
What tax credits should college students be aware of to reduce education expenses, and how much can they save?

Answer
If you're a college student, take advantage of education tax credits like the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC).

The AOTC offers up to $2,500 annually for eligible students, while the LLC provides up to $2,000 per tax return for tuition and related expenses.

Be sure to keep track of your qualified education expenses to maximize your tax benefits!