The National Directory of Certified Public Accountants

Ask A CPA - Educational Tax Benefits

College Courses And Related Books

Yes. The American Opportunity and Lifetime Learning credits are two federal credits available for qualifying higher education expenses paid to eligible educational institutions. Qualified educational expenses would include tuition, required fees and course related books, but would NOT include room and board, insurance, transportation or other personal living or family expenses, medical expenses, supplies or equipment. The credits are subject to income limitations. The credits are not available for married filing separate returns. Both credits are claimed on IRS Form 8863. Speak to your local CPA about the tax benefits of claiming these credits.

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