There are two education tax credits that can help offset the cost of higher education: the American Opportunity Tax Credit and the Lifetime Learning Credit. These can help if you’re heading to college, getting specialized job training, or going to grad school.
These two tax credits can cover your education costs, as well as your spouse’s or dependent’s costs. One way to find out if you qualify for either of these credits is to use the Interactive Tax Assistant on the IRS website at IRS.gov/ita.
To be eligible to claim either of these credits, you, your spouse, or your dependent must have received a Form 1098-T from an eligible educational institution. There are exceptions to this requirement for some students. To claim either credit, you must complete Form 8863 and file it with your tax return.
For more information about these education tax credits, including eligibility rules for both, refer to IRS.gov/education.