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According to IRS Publication 970, you may be able to claim a lifetime learning credit of up to $1,000. The lifetime learning credit is for the total qualified tuition and related expenses paid during the tax year for all eligible students who are enrolled in eligible educational institutions.
Unlike the Hope credit:
- The lifetime learning credit is not based on the student’s work load. It is allowed for one or more courses.
- The lifetime learning credit is not limited to students in the first two years of post secondary education.
- Expenses for graduate-level degree work are eligible.
- There is no limit on the number of years for which the lifetime learning credit can be claimed for each eligible student.
- The amount you can claim as a lifetime learning credit does not increase based on the number of eligible students for whom you pay qualified expenses.
The amount of the lifetime learning credit is 20% of the first $5,000 you pay for qualified tuition and related expenses for all eligible students in the family. The maximum amount of lifetime learning credit you can claim is $1,000 (20% times $5,000). However, that amount may be reduced based on your modified adjusted gross income.
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