Education Tax Credits Guide

Two federal education credits are available — the American Opportunity Credit (AOTC, up to $2,500) and the Lifetime Learning Credit (LLC, up to $2,000). They can't be claimed in the same year for the same student. AOTC is more generous but limited to 4 years of undergraduate study; LLC is unlimited and covers graduate school.

Filing Status

Modified AGI ($)

Qualified Tuition & Fees ($)

Tax-Free Aid (grants, scholarships) ($)

Student Enrollment Status

Prior AOTC Claims (max 4)

AOTC

Eligible expenses

Income phase-out

Max credit$2,500

Refundable portion (40%)

Your AOTC

Lifetime Learning Credit

Eligible expenses

Income phase-out

Max credit$2,000

Refundable portionNone

Your LLC