Return to College | Southern Minnesota

Q:  I’m a returning college student, what can I claim on taxes?

A:  For the first four years of college (meaning cumulative in your lifetime), you may qualify for the American Opportunity Credit of up to $2,500 if you spend $4,000 in books and tuition.  Also if your adjusted gross income is less than $90,000 single (S) or $180,000 married filing joint (MFJ).  Then for students that are in their 5th year or greater, there is the Lifetime Learning Credit which is 20% of what you spend for tuition & books up to $10,000 , with a lowered income level of $65,000 S and $131,000 MFJ, so you can still get up to a $2,000 credit.  For more details as to how these tax education credits work, please call our office at (507) 333-3973.

Taxes, Investments, Business and maybe a little more.  Sandy Flom, Faribault CPA