There are also several other education-related tax credits. The American Opportunity Tax Credit helps students reduce the taxes they owe, provided they are enrolled at least half-time at a university.The amount can change each year for the 2022 tax year, the credit is $2,000 per dependent child under age 17, according to the IRS website. The Child Tax Credit reduces the amount you have to pay if you have children.Some of the most common tax credits are as follows: Some tax credits are refundable, meaning you could receive a check from the IRS if your credit is higher than your taxes owed. For example, if your tax bill was $1,000 and you had a tax credit of the same amount, you would owe $0 in taxes. A tax credit can reduce the taxes you owe to the government.
