Seven tax breaks for young adults.

• Position: Your Life

With the tax-filing season coming into the homestretch, Navient, Wilmington, Del., a loan management, servicing, and asset recovery company, suggests young adults learn about several tax breaks that may benefit them.

"Young adults go through many transitional periods in their lives--attending or graduating college, moving to a new city, going back to school, starting a new job, or maybe saving for a first home," says Patricia Christel, vice president. 'They may be eligible for one of several credits or deductions related to these life events."

Saver's credit. Some 94% of young adults are saving--according to Money Under 35, a study conducted by Navient and global market research firm Ipsos--and 29% of them say they are saving for retirement. Individual filers can claim a credit of up to $2,000, or $4,000 for joint filers, for contributing to an Individual Retirement Account, 401(k), or similar qualified retirement savings plan. Individual filers whose adjusted gross income is less than $30,500, or $61,000 for joint filers, are eligible for the credit.

American opportunity credit is a per-student, partially-refundable tax credit. For tax year 2015, students can claim a tax credit of up to $2,500 for expenses on tuition, fees, and educational materials in the first four years of post-secondary education. To receive the maximum credit amount, an individual filer must have modified adjusted gross income of less than $80,000, or $160,000 for joint filers.

Lifetime learning credit is a per-taxpayer, nonrefundable credit of up to $2,000 that applies only to expenses for tuition and fees. Students in undergraduate or graduate programs or any continuing education program may be eligible. The credit may be claimed for any...