Who is eligible to take these tax credits? You are eligible as a taxpayer or eligible dependent of a taxpayer that was enrolled as a student in an eligible educational institution. If you can be claimed as someone?s dependent, they will be able to claim the education credit, not the dependent. Generally, dependent students? expenses will be claimed by their parents or legal guardians. Now, here is an interesting note: if you are a student, and you cannot be claimed as someone?s dependent, only you can take the education credit; even if you are not the person paying the expense.
Why would you take the credit? I think a better question would be why would you not take the credit? In case you haven?t noticed, it can be very expensive to attend higher education classes. For anyone seeking to further their education, receive a degree, and pursue their dream, any federal income tax credit that can be taken, is a helping hand toward achievement of that dream. Today, without furthering your education, you?re almost positively sentenced to a lifetime of minimum wage earnings, and struggling to make ends meet. A college education is the fastest route still, to a better life, better wages, and the achievement of the American Dream.