Guide to Education Credits

       
Better Refund
01.23.2014
         

Student Expenses 

This year we will be looking forward to aiding our clients with the best education credit possible. Before you come in to process your Federal and State income tax for 2013, these are just a few things you will need to have with you for the preparation.

- Form 1098 T 
            (EIN number necessary for filing.)

- A complete record (for your own filing) of all education expenses for the 2013 tax year.

- Name and Address of institution/college for filing.

-Limit on expenses for American Opportunity Credit: $4000

-Limit on expenses for the Lifetime Opportunity credit:  $ 2,000 or  20%  Max. 10,000


Please be aware that with any expense towards education, there is always the chance that the IRS will require extra information, so it is recommended that you keep all receipts!