Asked by Derin Jabour on May 17, 2024
Verified
Qualifying expenses for the American opportunity tax and lifetime learning credits include room and board.
American Opportunity Tax
A credit offered to eligible students for education expenses paid for the first four years of higher education, enhancing educational tax benefits.
Lifetime Learning Credits
Lifetime Learning Credits are tax credits available to individuals to offset the costs of education, aiming to reduce the tax owed by an eligible taxpayer for higher education expenses.
Room And Board
Expenses related to housing and meals, often associated with costs of living in a college or university dormitory.
- Describe the qualifying expenses for education-related tax credits.
Verified Answer
Learning Objectives
- Describe the qualifying expenses for education-related tax credits.
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