Yes, you can take the lifetime credit.
No, that does not increase your risk of audit.
If you paid a portion in 2020, it seems like you would have a 1098-T for 2020.
In the search box, type in lifetime and then select lifetime learning credit and click on jump to lifetime learning credit.
When asked if you have a 1098-T, say no. Do you qualify for an exception, yes. Continue filling in information.
The Lifetime Learning credit,
- Is worth up to $2,000 (the credit is actually worth 20 percent of the first $10,000 of qualifying costs.)
- The income phase-out zone is lower than for the American Opportunity credit.
- For 2020, the Lifetime Learning credit gradually disappears as AGI rises from $59,000 to $69,000 on single returns and from $118,000 to $138,000 on joint returns.
IRS publication 970 has more information about the American Opportunity, Hope and Lifetime Learning tax credits.
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