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New Member
posted Jan 15, 2021 8:45:35 AM

There's a separate $2,000 credit if you're in tradeschool or take graduate classes I was wondering if someone can help me navigate this?

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2 Replies
Level 15
Jan 15, 2021 8:56:03 AM
Level 15
Jan 15, 2021 9:01:26 AM

The Lifetime Learning credit is 20% of tuition, up to $2000 (it is NOT a flat $2000).  You must receive a 1098-T statement from your school.  If the school does not issue a 1098-T, you can't claim the credit.  Enter the 1098-T on the Deductions and Credits page in the Education Expenses section.  

 

The credit also can't be larger than your tax liability for the year; if your income is low enough that you don't owe any income tax, you can't get the credit as an extra refund.