If you are attending college, or have a college student in your household, the following is a brief summary of the various education credits and deductions that may be taken on your tax return:

For the last several years you have had the choice of using the Hope Education Credit, the Lifetime Learning Credit, or the Tuition and Fees Deduction to help defray higher education expenses.tn_educationFor 2009, the new American Opportunity Credit will replace the Hope Credit for most taxpayers. The new credit has several advantages over the Hope Credit.