Allisa Hwang Eun Sol
3.8.2013
published March 06,2013
by Kay Bell
Foxnews
There are many tax credits in U.S.A., and among them, American Opportunity credit and Lifetime Learning credit can help you and your parents pay educational expenses like tuition. However, they are credits, not deductions. So they will take more tax bill. The American Opportunity credit is worth $2,500, and 40% of them are refundable. then, you can get $1,000 back even though you don't owe any taxes. It is improved, but still it has some restrictions. It is just during the first four years of college, and it is temporary. However, the lifetime learning credit can be used for undergraduate, graduate, and professional degree courses for everyone.
There are other many restrictions on both the American Opportunity credit and the Lifetime Learning credit. Even though they have restrictions, I think it has better conditions than others. However, I'm very sad that it is only for Americans, and I cannot get it.
I think it is the best way to do not use credit if we do not have ability to control it.
답글삭제Good summary and I agree with your opinion.