Halos builders and welcome back to the vamoosed. Today, I'm going to be covering three tax breaks: the American Opportunity Tax Credit, the Lifetime Learning credit, and the student loan interest deduction. If you're a college student or a recent college graduate, even a college dropout, or you're the parent of one, you're gonna want to know about these tax breaks. So, make sure you keep on watching. We've had a ton of new people join the squad over the past couple of weeks, so if you're new around here, hello! I'm Makeva, and I'm a 21-year-old financial planner. I run this channel along with my boyfriend, Andy Shag, and together we talk about all things personal finance for young adults just like us. We are so glad you're here joining us on this journey. So, I've seen a lot of misconceptions floating around out there on the interwebs about the tax credits and deductions that are available to college students, like this one for example. So, it's time to clear the air and learn the facts. There's a lot to know, but I'm gonna try to keep this at a high level. First up, the American Opportunity Tax Credit, which I will hereafter refer to as the AOTC because is but so many times you want to hear me say American Opportunity Tax Credit before leaving the video? So here's the overview. The AOTC is a tax benefit related to money that has been paid for college expenses. And, as stated from the name, this is a tax credit, which means that it directly reduces the tax that you owe dollar for dollar. On top of that, 40 percent of the credit may be refundable. So for example, this means that if your tax owed before the credit was...
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More Affordable. Free Estimator. Learn More. For a comprehensive list of federal tax laws and Publication 936, Tax Information for Individuals, 2025 Edition, I encourage you to read Publication 936 — Tax Information for Individuals, released on April 26, 2018. Tax Return Preparer FAQs What do I need to do in order to prepare and file my 2025 Tax return? Form 1040X, U.S. Individual Income Tax Return, which can be found here. You must complete an extension using Form 8283A. This extension is for a period of one year after the due date of your 1040. If your taxpayer identification number (TIN) does not match the mailing address you are giving the IRS, you will need to provide proof, such as a certified copy of your tax return (or a copy of an extension letter) and a valid social security number. To view Form 8283A click here. What do I need to do in order to prepare and file my 2025 or later Tax return? You must use Form 1040NR, U.S. Individual Income Tax Return. For more information click here. What do I need to do in order to prepare and file my 2025 Tax Return? You must use Form 1040NR, U.S. Individual Income Tax Return. For more information click here. What do I need to do in order to prepare and file my 2025 or later Tax return? You must use the 2025 Tax Information for Individuals, Form 1040-R, U.S. Individual Income Tax Return.
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