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Lifetime
Learning Credit
The Lifetime Learning credit is an actual tax credit (as opposed
to a deduction) available to individuals who file a tax return
and owe taxes. This means the amount of the credit is subtracted
from the taxes your family owes.
Your family may claim a tax credit of 20% of qualified expenses
up to $2,000 per tax year. The Lifetime Learning credit is
available for all years of postsecondary education and for
courses to acquire or improve job skills. Unlike the Hope
credit (which is only available for two years) the Lifetime
credit is available for an unlimited number of years.
An eligible student may be enrolled in an eligible program
leading to an undergraduate or graduate degree OR may be enrolled
in a course of instruction to acquire/improve the student's
job skills during the calendar year. You may claim the credit
yourself if you are not claimed as a dependent by another
taxpayer.
The University will mail an IRS Form 1098-T to the student’s
home address each year in late-January. Although the University
provides the Form 1098-T, information regarding filing must
come from the Internal Revenue Service or your financial advisor.
The University does not provide tax advice to your specific
situation. However, you may obtain a copy of IRS publication
970, which explains the 1098-T, by clicking here.
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April 24, 2008
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