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broseph94
New Member

Can i get the liftime learning credit after taking 4 years of the american opportunity credit

I started my Bachelor's degree in fall of 2012 and ended in May of 2016. I claimed the American Opportunity credit for 4 years. Turbo tax is saying I qualify for the Lifetime learning credit. Is this possible?
4 Replies
Patrice
New Member

Can i get the liftime learning credit after taking 4 years of the american opportunity credit

Yes, after you have received the American Opportunity Credit for 4 years you can then qualify for the Lifetime Learning Credit or the Tuition and Fees deductions.

The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses--including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

For more info visit: https://www.irs.gov/individuals/llc

JTX485M
New Member

Can i get the liftime learning credit after taking 4 years of the american opportunity credit

How about this situation:

 

Start college in Sept. 2016, 17,18 and 2019. Take all 4 years of the AOC. Now you pay for the Spring semester of 2020 in early 2020. Can you take the Lifetime Learning Credit for 2020?

Hal_Al
Level 15

Can i get the liftime learning credit after taking 4 years of the american opportunity credit

Q. Start college in Sept. 2016, 17,18 and 2019. Take all 4 years of the AOC. Now you pay for the Spring semester of 2020 in early 2020. Can you take the Lifetime Learning Credit (LLC) for 2020?

 

A. Yes.  There is no limit on how many times the LLC or Tuition and/or Fees Deduction (TFD) can be claimed. So, there is no limit on how many total times  education credits can be claimed.  The AOC is the only education credit/deduction with a limit (4 times).

 

 

 

 

JTX485M
New Member

Can i get the liftime learning credit after taking 4 years of the american opportunity credit

Thank you. Much appreciated. After posting this question I went on the IRS Interactive Tax Assistance, answered all the questions for the LLC and came to the same conclusion. I wonder how often this deduction is missed.

Thanks again.

 

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