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Tag Archive for Lifetime Learning Credit

Your Guide To College Tuition Tax Breaks For 2018

During the tax reform process, there were several proposals that called for modifying or eliminating certain education tax breaks. Fortunately for American college students and their families, most of the major tuition tax breaks are still in place for the 2018 tax year.

With that in mind, here’s a rundown of the three major college tuition tax breaks and their qualification requirements and one tuition tax break that can unfortunately no longer be used thanks to the Tax Cuts and Jobs Act. Read more

5 Ways The New Tax Law Affects Paying For College

The final version of the GOP tax bill that passed last month rewrites the tax code in many ways, eliminating deductions and adding new benefits. Some of these new provisions affect those paying for college. The final version of the GOP tax bill that passed last month rewrites the tax code in many ways, eliminating deductions and adding new benefits. Some of these new provisions affect those paying for college. Read more

Tax Breaks For College Expenses 2017

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do your taxes.

Tax Credits

There are two tax credits for higher education. They’re targeted at different types of students, so it pays to know the differences. Read more

Tax Credits For Education Expenses—Part II: The Lifetime Learning Credit (LTC)

Harold Goedde

This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)

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New Rules Can Produce New Problems – AOTC and 1098-T

Annette Nellen

In writing a summary of a recent Tax Court summary opinion, I realized that a 2015 law change may cause problems for some students trying to claim the American Opportunity Tax Credit (Section 25A), Lifetime Learning Credit (Sec. 25A) or Section 222 above the line tuition deduction starting in 2016.  A 2015 law changes requires an individual to have received a Form 1098-T from the university in order to claim the tax benefit. Read more

Claiming The Lifetime Learning Credit

The lifetime learning credit is another valuable educational tax credit that can be claimed to offset college expenses. You can claim the lifetime learning credit for qualified tuition and related expenses paid for yourself, your spouse, and any dependent on your tax return who is enrolled at any accredited college, university, vocational school, or other accredited post-secondary educational institution. As its name implies, there is no limit for the number of years for which the lifetime learning credit can be claimed for any student.

Please note, however, that unlike the American opportunity credit:

• The lifetime learning credit is not based on the student’s workload. It is allowed for one or more courses. Read more