Paying college expenses? – You may be eligible for a valuable credit or deduction
Abstract: Those who are paying higher education expenses may be eligible for a valuable tax credit or deduction. The American Opportunity credit is available for expenses incurred during the first four years of a postsecondary education. And the Lifetime Learning credit may apply to graduate courses, continuing professional education or job-skills courses. Or, one might take a deduction. The best option depends on individual circumstances.