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Education Tax Credits

This year as you fill out your tax forms you may have the opportunity to claim substantial tax credits to defray the cost of paying for college. We at Wittenberg University strongly urge you to take advantage of these Government Programs.

The American Opportunity Tax Credit is a per-student, partially refundable tax credit. It was set to expire at the end of 2012, but it was extended through 2017. Students can claim a tax credit of up to $2,500 for expenses on tuition, fees and educational materials in the first four years of post-secondary education. To receive the maximum credit amount, a taxpayer must have modified adjusted gross income of less than $80,000, or $160,000 for joint filers. Again this year, low-income families who owe no tax may be eligible to receive a credit refund of up to $1,000 for each qualifying student.

The Lifetime Learning Credit is a per-taxpayer, non-refundable credit of up to $2,000 that applies only to expenses for tuition and fees. Students in undergraduate or graduate programs or any continuing education program may be eligible. The credit may be claimed for any year in which qualified tuition and fees are paid. To receive the maximum credit amount, a taxpayer must have modified adjusted gross income of less than $53,000 and $107,000 for joint filers.

Each qualified Wittenberg student will receive a Form 1098-T from the University in January. This form is for your records and should serve as a point of reference when you are filing your taxes and completing Forms 8863 and 1040. Publication Release 970 is the I.R.S. document that provides guidance and instruction on how to claim education tax credits.

While the University is unable to provide advice or information regarding your personal tax situation, we are pleased to provide the following link to the Department of Education. Here you will be able to access comprehensive information and I.R.S. documentation that will be helpful in assessing your education tax credit eligibility.

Educational Tax Benefits-U.S. Department of Education

 

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