Education Essentials

Two Credits:  Tuition and Mandatory Fees and Equipment

1.      American Opportunities

a.      Max 4 times lifetime per student

b.     Undergraduate only with no previous 4 year degree

c.      At least half time

d.     Pursuing degree or other credential from accredited school

e.       See American Opportunities

2.      Lifetime Learning

a.      Any number of times

b.     Pursuing degree or credential not necessary

c.      Accredited institution is necessary

d.     Courses to acquire or improve job skill

e.      See Lifetime

Unrestricted Scholarships

1.      Scholarships and grants used to pay for tuition, fees, and course-related expenses are non-taxable.

2.      Taxable amounts are reported as Other Income.

3.      Will appear on Schedule 1 Line 8r

4.      Unearned for most purposes but is considered earned for determining filing requirement.

 

TXLNX 1/24/2025