{"id":4403,"date":"2016-09-03T10:54:44","date_gmt":"2016-09-03T08:54:44","guid":{"rendered":"http:\/\/13.40.31.108\/?p=4403"},"modified":"2016-09-03T10:54:44","modified_gmt":"2016-09-03T08:54:44","slug":"back-to-school-learn-about-tax-credits-for-education","status":"publish","type":"post","link":"https:\/\/ustaxconsultants.es\/es\/back-to-school-learn-about-tax-credits-for-education\/","title":{"rendered":"Back to School? Learn about Tax Credits for Education"},"content":{"rendered":"<p><strong>US Tax Consultants (NML Consultores)<\/strong>\u00a0and <strong>Access USA<\/strong> will be\u00a0offering seminars\u00a0this year on the financial aid process.<\/p>\n<p>If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you\u2019re studying outside of the U.S. Both the <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;128&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/aotc\">American Opportunity Tax Credit<\/a> and the <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;129&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/llc\">Lifetime Learning Credit<\/a> may reduce the amount of tax you owe, but only the AOTC is partially refundable.<\/p>\n<p>Here are a few things you should know about education credits:<\/p>\n<ul>\n<li><strong>American Opportunity Tax Credit<\/strong> \u2012 The <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;130&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/aotc\">AOTC<\/a> is worth up to $2,500 per year for an eligible student. This credit is available for the first four years of higher education. Forty percent of the AOTC is refundable. That means, if you\u2019re eligible, you can get up to $1,000 of the credit as a refund, even if you do not owe any tax.<\/li>\n<li><strong>Lifetime Learning Credit<\/strong> \u2012 The <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;131&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/llc\">LLC<\/a> is worth up to $2,000 per tax return. There is no limit on the number of years that you can claim the LLC for an eligible student.<\/li>\n<li><strong>Qualified expenses<\/strong> \u2012 You may use only <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;132&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/qualified-ed-expenses\">qualified expenses<\/a> paid to figure your credit. These expenses include the costs you pay for tuition, fees and other related expenses for an eligible student to enroll at, or attend, an eligible educational institution. Refer to <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;133&amp;&amp;&amp;https:\/\/www.irs.gov\">IRS.gov<\/a> for more on the rules that apply to each credit.<\/li>\n<li><strong>Eligible educational institutions<\/strong> \u2012 <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;134&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/eligible-educational-inst\">Eligible educational schools<\/a> are those that offer education beyond high school. This includes most colleges and universities. Vocational schools or other postsecondary schools may also qualify. If you aren\u2019t sure if your school is eligible:\n<ul>\n<li>Ask your school if it is an eligible educational institution, or<\/li>\n<li>See if your school is on the U.S. Department of Education\u2019s Accreditation <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;135&amp;&amp;&amp;https:\/\/ifap.ed.gov\/ifap\/fedSchoolCodeList.jsp\">database<\/a>.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Form 1098-T<\/strong> \u2012 In most cases, you should receive <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;136&amp;&amp;&amp;https:\/\/www.irs.gov\/uac\/form-1098-t-tuition-statement\">Form 1098-T<\/a>, Tuition Statement, from your school by February 1. This form reports your qualified expenses to the IRS and to you. The amounts shown on the form may be either:\u00a0 (1) the amount you paid for qualified tuition and related expenses, or (2) the amount that your school billed for qualified tuition and related expenses; therefore, the amounts shown on the form may be different than the amounts you actually paid. Don\u2019t forget that you can only claim an education credit for the <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;137&amp;&amp;&amp;https:\/\/www.irs.gov\/individuals\/qualified-ed-expenses\">qualified tuition and related expenses<\/a> that you paid in the tax year and not just the amount that your school billed.<\/li>\n<li><strong>Income limits<\/strong> \u2012 The education credits are subject to income limitations and may be reduced, or eliminated, based on your income.<\/li>\n<li><strong>Interactive Tax Assistant tool<\/strong> \u2012 To see if you\u2019re eligible to claim education credits, use the <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;138&amp;&amp;&amp;https:\/\/www.irs.gov\/uac\/interactive-tax-assistant-ita-1\">Interactive Tax Assistant tool<\/a> on <a href=\"http:\/\/links.govdelivery.com\/track?type=click&amp;enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTYwODAzLjYyMjQ4ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE2MDgwMy42MjI0ODg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDkzNjA1JmVtYWlsaWQ9YXJvZHJpZ3VlekBubWxjb25zdWx0b3Jlcy5jb20mdXNlcmlkPWFyb2RyaWd1ZXpAbm1sY29uc3VsdG9yZXMuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&amp;&amp;&amp;139&amp;&amp;&amp;https:\/\/www.irs.gov\">IRS.gov<\/a>.<\/li>\n<\/ul>\n<p>If you have children who are in 10th\u00a0or 11th grade\u00a0beginning to\u00a0explore their colleges options, \u00a0Access USA provides personalized assistance to students and their parents\u00a0to identify\u00a0the \u00abbest fit\u00bb schools,\u00a0assess admissions requirements (including for financial aid)\u00a0and prepare the most compelling\u00a0application.\u00a0Contact David Levin for a free consultation:\u00a0 <a href=\"mailto:dlevin@access-usa.es\">dlevin@access-usa.es<\/a> or 611273731; <a href=\"http:\/\/www.access-usa.es\/\">www.access-usa.es<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Tax Consultants (NML Consultores)\u00a0and Access USA will be\u00a0offering seminars\u00a0this year on the financial aid process. If you pay for college in 2016, you may receive some tax savings on your federal tax return, even if you\u2019re studying outside of the U.S. Both the American Opportunity Tax Credit and the Lifetime Learning Credit may reduce [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[23],"tags":[],"class_list":["post-4403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs"],"acf":[],"_links":{"self":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/4403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/comments?post=4403"}],"version-history":[{"count":0,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/4403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/media\/4404"}],"wp:attachment":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/media?parent=4403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/categories?post=4403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/tags?post=4403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}