Publication 970 - Tax Benefits For Education

Publication 970 provides information about tax benefits related to education expenses. Some of the common topics covered in this publication include:

  1. American Opportunity Credit (AOC): This credit can be claimed for qualified education expenses paid for eligible students during the first four years of higher education.

  2. Lifetime Learning Credit (LLC): This credit is available for qualified tuition and related expenses for eligible students enrolled in eligible educational institutions.

  3. Student Loan Interest Deduction: Taxpayers may be able to deduct interest paid on qualified student loans.

  4. Qualified Tuition Programs (QTPs): Information about tax-free treatment of earnings from Qualified Tuition Programs, also known as 529 plans.

  5. Coverdell Education Savings Accounts (ESA): Information on contributions, distributions, and tax treatment of funds in a Coverdell ESA.