To reduce the amount of taxable income.
- Are U.S. taxpayers filing a federal tax return;
- Are claiming an eligible student (one who is enrolled in one or more courses at an eligible educational institution) as a dependent for tax year 2012; and
- Meet IRS income guidelines.
A deduction of up to $4,000.
Taxpayer must have received a form 1098-T from the student's college or university and must complete IRS form 1040 or 1040 A.