The Internal Revenue Service Publication 970 describes the tax benefits that may be available for taxpayers who are saving for or paying education costs for themselves or, in many cases, another student who is a member of their immediate family. Two of the most common tax credits, which reduce the amount of income tax you may have to pay, are the American opportunity credit and the lifetime learning credit.
How this benefit helps
This benefit saves service members and their families on their federal tax returns by providing a federal tax credit.
