Lifetime Learning Credit

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Glossary: Lifetime Learning Credit

By | March 29th, 2017|Categories: Glossary|Tags: , , , |

The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference

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Basics of Taxes, Part 4: Tax Benefits for College Students

By | May 13th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , |

there are several tax benefits for college students, including: 1) American Opportunity Credit, 2) Lifetime Learning Credit, 3) Deduction for tuition and fees, 4) Deduction for student loan interest

Iowa Tuition & Fees Deduction – A Reminder from IDR

By | April 11th, 2012|Categories: Potpourri of Tax Topics, State Taxes|Tags: , , , |

You can only take the tuition and fee deduction on your Iowa return if you took it on your federal return.

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IRS Has Back-to-School Tax Tips for Students and Parents

By | August 19th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , , |

Hard to believe, but it's already back-to-school time.  The IRS has information about the education credits and deductions that are available (from IRS Summertime Tax Tip 2011-18): Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 1.  American Opportunity Credit  This credit, originally created [...]

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Credits and Deductions for College Expenses

By | February 8th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , |

For those of you who have college expenses for yourself or your dependents, here are the changes and options available for 2010 returns. The Hope Credit does NOT exist anymore The American Opportunity Credit DOES exist.  The credit is available for students in the first 4 years of college who are pursuing a degree or other [...]

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