Qualified higher education expenses are necessary for taxpayers or dependents to apply for tax benefits like the American Opportunity Tax Credit, the Coverdell Education Savings Account, and the Lifetime Learning Credit.
The Lifetime Learning Credit is a tax credit available to students of any age for any type of study, aimed at offsetting education-related expenses. Worth up to $2,000, it can significantly reduce the amount of tax owed by taxpayers who qualify.
