How to Get a Tuition Tax Credit Rebate ($2,500.00!)

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By Amy Kuncaitis
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If you are a college student, you are very likely eligible for a tax credit up to $2,500.00. Thanks to the new higher education tax bill sign in as part of the government stimulus package, many college students will now qualify for a sizable tax credit. Here are the steps to getting your tax rebate.

Difficulty: Moderate

Instructions

Step 1

File your tax return. When filing your tax return, you will indicate you are a student. This will automatically qualify you for the tax rebate. You do NOT have to fill out additional financial aid forms (how nice!).
Step 2

Keep good records. This credit covers book, supplies, and of course college tuition. Make sure to keep good records of everything you purchase toward your education.
Step 3

Make sure you qualify. To qualify for the tax rebate, you must be in school at least half time, make less than $80,000 per year, and have at least $2,500.00 of expenses that are not covered by scholarships.
Step 4

Fill out IRS Form 8863. This is such a new tax rebate the 8863 form is not available just yet. By tax time 2010 (for the 2009 year), it will be available. You will need to fill out and file this form along with your regular tax forms.

Tips & Warnings

If you are a parent paying for your child's education, you qualify for one rebate per child.
To get the maximum rebate, consult your tax adviser when filing your 8863 form.