| The Lifetime Learning Tax Credit is available to people who
are not eligible for the Hope Scholarship. It is targeted to students who want
to go back to school, and to college juniors, seniors, graduate and
professional degree students. The student may be enrolled full time,
half time or less than half time and is not required to be in a
degree-seeking program.
The taxpayer may claim only one Lifetime Learning tax credit per year,
but it may be claimed for an unlimited number of years. Note that if
a student is dependent, the student may not claim the credit.
The University of Dayton Bursar's Office will provide
students with the Form 1098-T at the end of each calendar year for the
purpose of using these credits. An individual may not claim both the
Hope Credit and Lifetime Learning Credit for the same student during the
same year. Neither credit can be claimed in the same year that the
student received a tax-free withdrawal from a Coverdell Education Savings
Account.
Additional information on all education-related tax benefits is
available in IRS Publication 970. This publication can be viewed
online by visiting the IRS website at http://www.irs.gov
or you can access the publication in Adobe Acrobat format by clicking
here. (Adobe Acrobat Reader, a free download from http://www.adobe.com
is required to view this publication from the IRS)
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