College Tax Credit Estimator
Calculate American Opportunity Tax Credit (AOTC), Lifetime Learning Credit (LLC), and other education tax benefits
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Maximum deduction: $2,500
Tax-free when used for qualified expenses
Understanding Education Tax Credits
The federal tax code offers two main credits for education expenses — the American Opportunity Tax Credit (AOTC) for undergraduates in their first four years, and the Lifetime Learning Credit (LLC) for any level of postsecondary education. Between them, plus a deduction for student loan interest and tax-free 529 plan withdrawals, families can meaningfully reduce the net cost of college.
This calculator handles multiple students at once, automatically choosing between AOTC and LLC per student based on their eligibility, and factors in the income phase-outs that apply to each benefit.
How This Calculator Works
Enter your income, filing status, and each student's qualified expenses and AOTC eligibility, along with any student loan interest paid and 529 plan withdrawals. The calculator applies the AOTC or LLC formula per student, phases each credit out based on your income and the selected tax year's thresholds, and adds the student loan interest deduction (also phased out by income) to show your total education-related tax savings.