Skip to main content
February 4, 2020
Question

Do I get more money on my tax refund for going to school? I graduated with my bachelors in May, and I started my masters in August.

  • February 4, 2020
  • 1 reply
  • 0 views
No text available

1 reply

February 5, 2020

Yes, if you qualify for the Education credit you might be able to increase you refund .

There are two Education credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit. 

Here are the qualifications for each credit :

 

American Opportunity Tax Credit (AOTC)

You can use this credit for the first four years of college when working towards a degree.

  • Maximum credit is $2,500 per eligible student.
  • Must be enrolled at least half time for at least one semester during the tax year.
  • Up to $1,000 can be refunded to you.

Lifetime Learning Credit

There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.

  • Maximum credit is $2,000 per tax return.
  • Can be used when you're only taking one class.
  • You don't need to be working towards a degree.
  • None of the credit is refundable.
**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"