Yes, there are two tax credits for people who pay higher education expenses:
- American Opportunity Tax Credit
- Lifetime Learning Credit
You can choose only one of two credits per student per year. For example, if a student is entitled to the American Opportunity Tax Credit and also entitled to Lifetime Learning Credit during the same year, he/she can only claim one, but not both.
If a student is not claimed as a dependent on the tax return of another person, only the student can claim the credit.
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