Federal legislation allows eligible postsecondary students or their parents to receive tax credit for 100% of the first $1,000 of tuition and fees and 50% of the second $1000 on their federal income tax
- Covers only the first two years of a student's education.
- Covers only tuition and fees, not books, room, board or other expenses.
- Income must not exceed $40,000 (individual) or $80,000 (married filing joint). Tax credit is gradually decreased up to $50,000 ($100,000) modified adjusted gross income. Cannot claim a tax credit above $50,000 ($100,000).
- Student must register for at least 6 hours to be eligible.
- Student must be registered in a program leading to a degree, certificate, or other recognized educational credential.
- Tax is reduced by other types of financial aid, such as the Pell Grant.
- Lifelong Learning Credit may assist with the junior and senior year of college.
More information can be obtained at the following website:
You may also contact your local community college financial aid department for more information.