And then the Lifetime Learning Credit -- that can be -- it doesn't have to be your first four years of college. It's actually after your four years. And it could be for one class. So that is one thing to remember for students as well as parents. Tracy Byrnes: And the final ...
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Fighting the debt; tax credit for kidsOpinion. Presents suggestions for the elimination of US federal debt. Surcharge to income tax payments; Division of the debt among the number of Americans; Proposal for...
Tax credits for people with kids Child tax credit For the 2024 tax year (taxes filed in 2025), the child tax credit could get you up to $2,000 per kid, with $1,700 being potentially refundable through the additional child tax credit. You may qualify for the full credit only if your...
How do I claim the Child Tax Credit? What if the child’s parents are divorced? Why do you lose the Child Tax Credit at age 17? Is there a Child Tax Credit for kids age 17 and up? Can you take the Child Tax Credit if you file as married filing separately?
If a student meets the requirements for the American opportunity credit and the lifetime learning credit, you must pick which to claim. You cannot take both for the same student in the same year. However, if you have multiple kids in college, you can choose to take the American opportunity...
Find out about tax credits you could qualify for. Learn about tax credits for higher education, how to claim the child tax credit and other tax breaks.
1. Kids and dependents credits If you're financially responsible for a child, relative, or other person, these dependents could reduce your tax bill or even raise your refund amount. The Child Tax Credit and Credit for Other Dependents allow you to claim tax credits for each of your qualifyi...
The child tax credit in 2024 and 2025 You and your kids must meet certain requirements to claim the tax credit, including:Each qualifying child must be under age 17. If your modified adjusted gross income exceeds certain thresholds ($400,000 for married couples and $200,000 for all other ...
The general rule is that if the parents claim their kids as dependents, only they can claim a college credit. For the student to claim the credit, he or she cannot be claimed as a dependent on the parents' tax return. That can be worthwhile if, as in Fleming's clients' case, the ...