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previous page Previous Page: Publication 17 - Your Federal Income Tax - Information for Only the Hope Credit
next page Next Page: Publication 17 - Your Federal Income Tax - Earned Income Credit
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taxmap/pub17/p17-185.htm#en_us_publink100035047

Information for Only the Lifetime Learning Credit(p238)


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previous topic occurrence Lifetime Learning Credit next topic occurrence

For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 ($4,000 for students in a Midwestern disaster area) for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student.
taxmap/pub17/p17-185.htm#en_us_publink100035048

Who Is an Eligible Student(p238)


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previous topic occurrence Who Is an Eligible Student next topic occurrence

For purposes of the lifetime learning credit, an eligible student is a student who is enrolled in one or more courses at an eligible educational institution (as defined under Qualified Education Expenses, earlier.
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Figuring the Credit(p238)


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The amount of the lifetime learning credit is 20% of the first $10,000 of qualified education expenses you paid for all eligible students. The maximum amount of lifetime learning credit you can claim for 2008 is $2,000 (20% × $10,000). However, that amount may be reduced based on your MAGI. See Effect of the Amount of Your Income on the Amount of Your Credit, earlier.
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Example.(p238)

Bruce and Toni are married and file a joint tax return. For 2008, their MAGI is $75,000. Toni is attending a local college (an eligible educational institution) to earn credits toward a degree in nursing. She already has a bachelor's degree in history and wants to become a nurse. In August 2008, Toni paid $6,000 of qualified education expenses for her Fall 2008 semester. Bruce and Toni can claim a $1,200 (20% × $6,000) lifetime learning credit on their 2008 joint tax return.
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Students in Midwestern disaster areas.(p238)


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previous topic occurrence Students in Midwestern disaster areas. next topic occurrence

For these students, the rate is modified to 40% of qualified expenses paid, with a maximum lifetime learning credit allowed on your return of $4,000. If you are claiming a lifetime learning credit for both students in a Midwestern disaster area and other students, the qualified education expenses taken into account for other students cannot exceed $10,000 reduced by the qualified education expenses of the students in a Midwestern disaster area.
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Form 1098-T.(p238)


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previous topic occurrence Tuition Statement (Info Copy Only) next topic occurrence

To help you figure your lifetime learning credit, you should receive Form 1098-T. Generally, an eligible educational institution (such as a college or university) must send Form 1098-T to each enrolled student by February 2, 2009.
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Claiming the Credit(p238)


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You claim the lifetime learning credit by completing Parts II and III of Form 8863 and submitting it with your Form 1040 or 1040A. Enter the credit on Form 1040, line 50, or Form 1040A, line 31.
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taxmap/pub17/p17-185.htm#TXMP21678389
Figure 35-A. Can You Claim an Education Credit for 2008? Text DescriptionFigure 35-A. Can You Claim an Education Credit for 2008?  
previous pagePrevious Page: Publication 17 - Your Federal Income Tax - Information for Only the Hope Credit
next pageNext Page: Publication 17 - Your Federal Income Tax - Earned Income Credit
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication