Can I claim Lifetime Learning credit for my child that we have already claimed 4 years of the American Opportunity Tax Credit?

[dec101]

My child is a full time college student who is in his 5th year (last, thanks god!).  We have claimed all 4 years of American Opportunity Tax Credit (AOTC).  Can we claim the Lifetime Learning credit for his 5th year?  Thanks.

[AlanT]

Yes, 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 $67,000 ($134,000 if you are married filing jointly).
• The credit is reduced between $57,000 and $67,000 ($114,000 and $134,000 if you are married filing jointly).

[dec101]

Thank you for the quick response.  I now realize that I am not eligible because of the income.  Can my child claim the Lifetime Learning Credit on his own return instead?  Any downside of doing that way?

[AlanT]

If he did, you would not be able to claim him as a dependent.