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You may figure a credit for qualified education expenses, in excess of $250, you paid during the tax year if you were the parent or legal guardian of a full-time student who was under the age of 21 at the close of the school year,
The maximum amount of the credit is $750 per family. The credit is not allowed for taxpayers filing a joint return with a federal AGI exceeding $500,000 ($250,000 for all other returns).
In general, qualified education expenses are the amounts paid in excess of $250 for tuition, book fees, and lab fees at the school where the student is enrolled during the regular school year. Specifically, qualified education expenses include the amount of tuition paid for a student who was enrolled in kindergarten through twelfth grade.
3 cze 2020 · When can the court order a parent in Illinois to contribute to the educational expenses for a non-minor child, and what might be included?
The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.
1 paź 2024 · You must pay the expenses for an academic period* that starts during the tax year or the first three months of the next tax year. Eligible expenses also include student activity fees you are required to pay to enroll or attend the school.
18 gru 2023 · To get the maximum $750 credit, parents must spend $3,250 on educational expenses; they also must have a state tax liability of at least $750 because the credit is nonrefundable and thus cannot reduce an individual’s tax burden to less than zero.
