Asked by aradhana mehra on May 31, 2024
Verified
Name the two credits that are available as education credits and briefly discuss the criteria to claim the credits.
Education Credits
Tax credits designed to offset the costs of education for college or vocational school tuition and fees.
Criteria
Criteria are standards or principles by which something is judged or decided.
- Ascertain allowable expenses for education tax credits and grasp the diversity of educational tax credits offered.
Verified Answer
ZK
Zybrea KnightJun 03, 2024
Final Answer :
The two credits available are the American opportunity tax credit (or Hope scholarship credit)and the lifetime learning credit.They are available to taxpayers who pay qualified higher education expenses (generally,tuition,books and fees)for the taxpayer,spouse or dependent.
Learning Objectives
- Ascertain allowable expenses for education tax credits and grasp the diversity of educational tax credits offered.
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