Yes, the lifetime learning credit would satisfy both scenarios but even better, the student/job aspirant may be eligible for the American Opportunity Credit (AOC), which is a much more attractive credit. These are the requirements for the credit.
To be eligible for AOTC, the student must:
- Be pursuing a degree or other recognized education credential
- Be enrolled at least half time for at least one academic period* beginning in the tax year
- Not have finished the first four years of higher education at the beginning of the tax year
- Not have claimed the AOTC or the former Hope credit for more than four tax years
- Not have a felony drug conviction at the end of the tax year
As far as the acquisition of job skills, I would think that most students are going to college with the expectation that attractive job offers come their way. If the person in your first scenario meet the requirements above, he/she will be eligible for the AOC. At least he/she will meet the lifetime Learning Credits, which I am about to discuss.
As far as the second student/job aspirant, he/she is eligible for the lifetime learning credit. According to the IRS, To be eligible for LLC, the student must:
- Be enrolled or taking courses at an eligible educational institution.
- Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills.
- Be enrolled for at least one academic period* beginning in the tax year.To be eligible for LLC, the student must:
- Be enrolled or taking courses at an eligible educational institution.
- Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills.
- Be enrolled for at least one academic period* beginning in the tax year.
@Peace21
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