Tax Credits

The Hope Scholarship, the American opportunity tax credit and the Lifetime Learning tax credit are credits subtracted directly from annual taxes, rather than reducing taxable income like a tax deduction. An individual or family must file a tax return, and owe taxes, to take advantage of them. 

The actual amount of the credit depends on the family's income, the amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition. 

Learn more about educational tax credits at irs.gov, the US Department of Education and the American Association of Community Colleges or at my.maricopa.edu.

Lifetime Learning Tax Credit

The Lifetime Learning credit is a tax credit available to individuals who file a tax return and owe taxes. This means the amount of the credit is subtracted directly from a family's actual tax liability, rather than reducing taxable income like a tax deduction does. The Lifetime Learning credit is not refundable.

The actual amount of the credit depends on the family's income, the amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition. This credit is family-based (e.g., $1,000 per family) rather than dependent-based like the Hope credit. Learn more at my.maricopa.edu.