Apply now: First draw and second draw PPP loans now available.

The Paycheck Protection Program provides small business loans with up to 100% forgiveness to help businesses impacted by COVID-19.
Funds are limited and will be disbursed on a first come, first served basis.

Apply Now

American Opportunity Credit

College Tuition and Room & Board

Answer:

Qualified educational expenses would include tuition and required fees, but would not include room and board, insurance, transportation or other personal living or family expenses, medical expenses, supplies or equipment.
The credits are subject to income limitations. The credits are not available for married filing separate returns. Both credits are claimed on IRS Form 8863.
The American Opportunity and Lifetime Learning credits are two federal credits available for qualifying higher education expenses paid to eligible educational institutions.
There may also be similar state credits or deductions available. Generally, the American Opportunity credit is available for the qualified expenses for the first 4 years of post-secondary education leading to a degree.
The Lifetime Learning credit is available for both degree and non-degree courses. This includes undergraduate courses not claimed as a American Opportunity credit, graduate studies, and students acquiring or improving their job skills.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all American Opportunity Credit Questions

View More Questions