Yes, you may claim the education credit for the college tuition if
you meet the below IRS requirements for American Opportunity Tax Credit or Lifetime Learning Credit:
Qualifications
for claiming the American Opportunity Tax Credit are:
- You paid qualified education expenses
for higher education (see Related Information below)
- You paid education expenses for eligible
students
- The eligible student is you, your
spouse, or a dependent for whom you claim an exemption
- Your modified adjusted gross income is
$90,000 ($180,000 if married filing jointly) or less (The credit is
reduced between $80,000 and $90,000 ($160,000 and $180,000)
- You must be taking courses at an
eligible education institution, which is any college, university, or
vocational school with a student aid program administered by the US
Department of Education.
You must be considered
an eligible student:
- You are enrolled at least half-time in a
program leading to a degree,certificate, or other recognized credential
- You had at least one academic period
beginning during the year
- You did not use the American Opportunity
Tax Credit in any four previous years
- You did not complete the first four
years of post-secondary education before the beginning of the year
You are not eligible to claim the American
Opportunity Tax Credit if:
- Your filing status is Married Filing
Separately.
- Taxpayer is listed as a dependent on
another person’s return.
- You and your spouse were non-resident
aliens.
- You have a felony drug conviction.
You are
eligible to claim the Lifetime Learning Credit if all of the following
requirements are met:
- You (or your dependent or a third party)
paid qualified education expenses for higher education.
- You paid the education expenses for an
eligible student.
- The eligible student is you, your
spouse, or a dependent you claim an exemption for on your tax return.
- Your modified adjusted gross income is
less than $65,000($131,000 if you are married filing jointly).
- The credit is reduced between $55,000
and $65,000 ($111,000 and $131,000).
One of the advantages of
the Lifetime Learning Credit is that you can take the credit every year for
higher education as long as you meet the qualifying requirements.
