Frank Ellis Reveals Student Tax Credits for 2015, 2016

Published author and tax expert Frank Ellis has provided insightful details on the latest student tax credits on the website


Traverse City, MI -- (SBWIRE) -- 09/04/2015 -- "Student Tax Credits to Take Advantage of in 2015, 2016" has been published by tax expert Frank Ellis on The article explains how the costs of college can be eligible for a tax credit. Available credits plus tips are provided so readers know what to do as they go back to school.

Ellis first lists the American Opportunity Tax Credit, worth up to $2,500 per year. It can be claimed only during a student's first four years of higher education, the author says. He also reveals what percentage is refundable to those who are eligible. Another option is the Lifetime Learning Credit that comes with fewer limitations but is open to any eligible student during tax season. The credit is worth up to $2,000.

Students can only claim one credit per year. The exception is if the taxpayer has more than one dependent who qualifies. In that case, Ellis says, one credit can be claimed for one student and another credit for a separate dependent.

The article also touches on qualified expenses. Tuition and other student related expenses are included. A referral to the IRS website is provided as the agency explains the rules for each credit in more detail.

Also, the article suggests ensuring the educational institution qualifies the taxpayer for a deduction. Most colleges and universities, according to the author, do, while some vocational and postsecondary schools may as well. The institution must be listed on the U.S. Department of Education's Accreditation database.

Details on Form 1098-T are included. This important tax form is provided by the school, by February 1st. It lets taxpayers report qualified expenses to the IRS, says the author. Expenses additional to tuition for that tax year, including textbooks, can be added to the form to figure out what the taxpayer will be credited.

The article also explains what to do if one is a non-resident alien. It also recommends filing taxes using TurboTax, which has step-by-step instructions, questions and answers for finding the right forms, and help getting the largest refund possible.

Go to to learn more.

About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.

Contact Information
Frank Ellis
Best IRS Tax Refund
945 East 8th Street Suite A
Traverse City, Michigan 49686