Is the amount of qualified tuition and related expenses the total amount of the tax credit I can claim on my tax return?
Not in all situations. The amount of the tax credit that you may claim will depend on your individual situation. The Internal Revenue Service provides instructions on the application of the 1098-T information and eligibility requirements for the tax credits.
Please consult your tax preparer/consultant to determine how the American Opportunity and Lifetime Learning tax credits and the Deduction for Educational Expenses may apply to you or affect you.