AMERICAN OPPORTUNITY CREDIT
LIFETIME LEARNING CREDIT
The amount of non-refundable credit has increased from 20 % of the first $5,000 educational expenses paid/tax year, to 20% of the first $10,000 qualified expenses paid/tax year.
The LLC will slowly cancel out for parents who file jointly, and have an annual gross income between $108,000 to $128,000. The limit for a single parent is between $54,000 to $64,000 (as per the changes made in 2014).