Qualifying students may be eligible to take up to $4,000 in deductions for tuition, fees and certain educational expenses that are required by the educational institution.
Students who are enrolled at least half-time and are in their first 2 years of school at an accredited college may be eligible to take a credit of up to $1,800 via the Hope Credit.
Any student attending any year at any school (this includes courses to improve job skills) may take a tax credit of up to $2,000 via the Lifetime Learning Credit.
Typically, the same student cannot take both a credit and a deduction. However, a parent who has more than one dependent student can take a credit or a deduction for each student. A student cannot claim either the deduction or the credit if they can be claimed as a dependent. In that case, their parents would claim the deduction or credit.
You are ineligible for either credit if your modified adjusted gross income (MAGI) is more than $58,000 ($116,000 if married).