Should I Claim the American Opportunity Tax Credit or the Lifetime Learning Credit?
You're paying a lot for your college education, so it's only fair that the government doesn't throw salt in the wound by forcing you to pay taxes on the money you put toward your schooling. It offers several tax breaks to those enrolled in a higher education program, including student loan interest deductions and tax-free scholarships if that money goes directly toward educational expenses.
Two of the most lucrative educational tax breaks are the American Opportunity Tax Credit and the Lifetime Learning Credit. But you can't claim them both in the same year. Here's what you need to know to decide which one is best for you.
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Source Fool.com
