Are tax credits available to help pay for school?
Yes! Tax credits are available for both federal and state taxes. If you, your spouse, and/or a dependent are currently taking college courses or other post-secondary training, you may benefit from three federal tax relief programs. The American Opportunity Credit, which replaces the Hope Credit, the Hope Credit (for at least one student attending an eligible institution in a Midwestern disaster area) and the Lifetime Learning Credit. These tax credit programs can reduce the amount of federal income tax you may have to pay. On the U.S. Internal Revenue Service (www.irs.gov) Publication 970: Tax Benefits for Education, use instructions accompanying Tax Form 8863: Education Credits which explains how to calculate credits and how to claim them on your tax return. On the NYS Department of Taxation and Finance (www.tax.state.ny.us) use instructions accompanying IT-272 Claim for College Tuition Credit or Itemized Deduction.
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