If a taxpayer is eligible for both the American Opportunity Tax Credit and the Lifetime Learning Credit, which statement is correct? Both credits can be claimed. Neither credit can be claimed. The American Opportunity Tax Credit must be claimed. The Lifetime Learning Credit must be claimed.

While it's tempting to maximize your tax benefits, a taxpayer can't claim both the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) for the same student in the same tax year. So, choose wisely! If the taxpayer qualifies for the AOTC and hasn't exhausted its limit, it's often more advantageous to claim it due to its larger credit amount. For a fun twist, consider your educational path. The AOTC is perfect for those in their first four years of higher education, while the LLC is the star for all other post-secondary education, including those lifelong learners or anyone taking courses for skill enhancement. Just remember, pick one, and run with it!