What deductions can college students get on their taxes? (By: Andrea G.)

If you’re a college student and you're are independent from your parents - aka they don't claim you as a dependent on their taxes- you can claim deductions or credits for yourself. Here’s how you can do this:

1) If you are an undergrad student who had not completed the first four years of post-secondary school, you can claim tax credits with the American Opportunity Credit:

• You have to receive your post-secondary education a recognized institution. If you have been convicted of a felony drug offense, you do not qualify. This allows for an annual credit of $2,500 and because the tax credit is refundable, you may get up to $1,000 even if you don't owe taxes.

2) The Lifetime Learning Credit lets you to claim a credit of up to $2,000 on qualified education expenses. You won’t get a refund for this credit, but it can reduce what you owe.

• You’re eligible for this credit if you’ve paid for qualified education expenses, and you’re considered an eligible student.

Remember: You can't claim both credits and you can't claim them if you are deducting your tuition and fees.

3) $4,000 of qualified college costs, including tuition and other qualified expenses can be deducted by you or your parent. This deduction reduces your taxable income.

• The following costs are considered qualified expenses for education tax credits:
• Tuition fees for attendance
• Required fees for enrollment
• Required course materials including books, supplies, or equipment
• Anything paid for with tax free assistance, room and board, and anything that is not a requirement is not deductible.

If you want to file credits, you should file a 1040 or 1040A tax form. Filing Form 1040EZ does not allow you to claim any education credits.