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Video instructions and help with filling out and completing 1098-t refund calculator
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 referred to as the a OTC 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 alt C is a tax benefit related to money that has been paid for college expenses and the state from the name this is a tax credit which means that it directly reduces the tax that you own dollar for dollar on top of that forty percent of the credit may be refundable so for example this means that if your tax owed before the credit was a thousand dollars and you're a OTC amount is two thousand dollars you could be refunded up to eight hundred dollars which is 40 percent of 2021 so how much is the credit the maximum credit allowed is two thousand five hundred dollars per student this represents the sum of a hundred percent of the first two thousand dollars of qualified education expenses plus 25 percent of the next two thousand dollars of qualified education expenses so you would have needed to pay or taken on the Stu loans at least $4,000 to claim the full amount of the credit so what are qualified education expenses for this credit it means tuition and fees and books it does not include room and board health insurance or anything like that you must also have been enrolled in school at least half time in a degree seeking program to claim the credit to be able to claim the t see the law also requires that your school give you what's called a 1098-t which your school will give you by January 31st assuming they're following the rules so who can claim the credit generally it's whoever's claiming.