Higher education may not look traditional this year, in light of COVID-19. But whether classes are taken online, part or full-time, education can be expensive. The IRS is reminding taxpayers who pay eligible costs in 2020 that they may get some help in the form of tax credits when they file their 2020 tax return. Taxpayers, their spouses and their dependent children who take post-high school coursework may be eligible. There are two credits: the American Opportunity Tax Credit and the Lifetime Learning Credit, either of which can be claimed using Form 8863 (Education Credits), based on receiving a Form 1098-T from an eligible educational institution. Click here to learn more. Reach out to Cg Tax, Audit & Advisory with questions. © 2020
19
Aug