Am I eligible to claim both my job education expenses (minus 2% of AGI) and the Lifetime Learning Credit on my taxes?
If you are eligible to deduct educational expenses and are also eligible for the lifetime learning credit, then it is possible to claim both. You cannot use the SAME educational expenses (“no double benefit”) to claim both benefits. • You may choose to allocate some of your expenses to the deduction and others to the credit. • This can be desirable because a qualifying expense for one benefit may not be a qualifying expense for the other tax benefit. For example, the cost of course-related books ordinarily qualifies for the deduction, but not for the lifetime learning credit. For more information, refer to Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits) For more information, refer to Publication 970, Tax Benefits for Education For work related education expenses, refer to Tax Topic 513, Educational Expenses Return to index . . .
If you are eligible to deduct educational expenses and are also eligible for the lifetime learning credit, then it is possible to claim both, as long as you do NOT use the SAME educational expenses to claim both benefits. Your may want to allocate some of your expenses to the deduction and others to the credit. This is sometimes desirable because a qualifying expense for one benefit may not be a qualifying expense for the other tax benefit. For example, the cost of course-related books ordinarily qualifies for the deduction, but not for the lifetime learning credit. For more information, refer to Publication 970, Tax Benefits for Education; Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits); and Tax Topic 513, Educational Expenses.
If you are eligible to deduct educational expenses and are also eligible for the lifetime learning credit, then it is possible to claim both, as long as you do NOT use the SAME educational expenses to claim both benefits. Your expenses must be divided between the two. This is sometimes desirable because a qualifying expense for one benefit may not be a qualifying expense for the other tax benefit. For more information, refer to Publication 970, Tax Benefits for Education; Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits); and Tax Topic 513, Educational Expenses.
Related Questions
- Am I eligible to claim both my job education expenses (minus 2 percent of AGI) and the Lifetime Learning Credit on my taxes?
- Am I eligible to claim both my job education expenses (minus 2% of AGI) and the Lifetime Learning Credit on my taxes?
- Im eligible for the lifetime learning credit and to deduct educational expenses. Can I claim both?
