It depends. You may qualify for the American Opportunity Tax Credit.
The Lifetime Learning Credit is not refundable. As a result, the credit won’t trigger a tax refund if it’s greater than your pre-credit tax liability. Up to 40% of the American Opportunity Tax Credit is refundable. So, if your credit amount is more than the tax you owe before the credit is applied, you can get a tax refund of up to $1,000 ($2,500 x .40 = $1,000).
There’s an exception to the refundability rules, though. The credit isn’t refundable if you’re under 24 years of age at the end of the tax year and all the following conditions apply:
- you were either:
- under age 18 at the end of the tax year
- age 18 at the end of the tax year and your earned income was less than 50% of your support
- age 19 to 23 at the end of the tax year, a full-time student, and your earned income was less than 50% of your support
- at least one of your parents was alive at the end of the tax year
- your filing status for the tax year isn’t married filing jointly
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