Students and their parents are generally eligible to claim either the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Tax Credit via Form 8863 on their Form 1040.
In this video, I cover a scenario where a working student takes some part time classes and is eligible for the Lifetime Learning Tax Credit. The student already has a 4 year college degree which makes her ineligible to claim the AOTC. The student is also subject to a reduced credit amount because her adjusted gross income (AGI) exceeds the relevant thresholds.
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