I was playing with my wife's smartphone while she was driving somewhere and found an article that said a Tuition tax credit was disappearing this year. It recommended prepaying tuition to take advantage of it. Then we got to the destination and I never got to finish the article.
Is this true? Does prepaying tuition work, and it is acceptable. If so, what is it called, so I can look into it. Thanks.
See the American Opportunity Credit and the Lifetime Learning Credit in IRS Publication 970.
Also see in that Pub the Tuition and Fees deduction, which is expired but who knows what will happen?
The tutition allowed to be claimed included tuition paid this year for a semester, term, quarter, etc that begins no later than March 31 of next year.
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