Answered

Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Get detailed and accurate answers to your questions from a community of experts on our comprehensive Q&A platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Qualifying tuition expenses paid from the proceeds of a tax-exempt scholarship do not give rise to an education tax credit. True/False

Sagot :

tutorconsortium275

It is false that eligible tuition paid from tax-exempt scholarship income does not qualify for the education tax credit.

What is education tax credit.

The education deduction helps pay for higher education by reducing the amount of tax you pay on your tax return. If your deductions bring your taxes below zero, you can get a refund. Two education credits are available: American Opportunity Tax Credit (AOTC) and Lifelong Learning Credit (LLC)

What is a tax exempt grant?

Grantees must be full-time students at a college, school, or other educational institution. This allowance does not apply to scholarship income.

How can tuition tax credit be calculated?

To calculate your student tax credit, multiply the total amount of tuition paid (found on the receipt or form you received from the university) by the federal tax credit rate.

To learn more about education tax credit visit:

https://brainly.com/question/28096250

#SPJ4

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.