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Education
No, the AOTC credit is for the first 4 years of college. Once you have received a degree of any kind from college or university you no longer qualify to receive the AOTC credit.
You can possibly claim the Lifetime Learning Credit or take a deductions for Tuition and Fees.
The Lifetime Learning Credit is a credit for up to 20% of the first $10,000 paid to attend a university or college when you are working towards a degree. The credit is limited to $2,000 and you cannot have income greater than
- For TY2019, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $58,000 and $68,000 ($116,000 and $136,000 if you file a joint return).
- You can’t claim the credit if your MAGI is $68,000 or more ($136,000 or more if you file a joint return).
The other possibility is that you can take a deduction of up to $4,000 for Tuition and Fees.
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March 20, 2020
9:35 AM
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