Qualifying Expenses For Education Credits
Which educational expenses qualify for the education credits? Liberty Tax Service reminds you that tuition you paid for yourself, your spouse or a dependent to attend an eligible educational institution in 2015 should qualify. The costs of books, supplies and equipment do not usually qualify but may qualify if these purchases are required by and paid to the school in order to attend. The amount of credit for the American Opportunity Credit will be reduced for taxpayers whose modified adjusted gross income is between $80,000 to $90,000 (between $160,000 and $180,000 for married filing jointly).The amount of credit for the Lifetime learning credit will be reduced for taxpayers whose modified adjusted gross income is between $54,000 to $64,000 (between $108,000 and $128,000 for married filing jointly).