Life Time Learning Credit- Determining Student Eligibility
For tax year 2012
These questions should be answered for
each higher education student in the family.
Is the taxpayer or the student claiming a Hope Scholarship Credit?
Yes.
The taxpayer is not eligible for the LLC for any student
for which a Hope Scholarship Credit is already claimed.
No.
Proceed to the next question.
Did the student enroll in and attend one course, graduate
or undergraduate, that began on or after January 1, 2012?
Yes.
The student is eligible for the Life Time Learning
Credit.
No.
The student is not eligible for the Life Time Learning
Credit.
Was a withdrawal made from a Coverdell ESA (formerly called
education IRA) ?
Yes.
Proceed to the next question.
No.
The student is eligible for the Life Time Learning
Credit.
Was this withdrawal claimed as income on either the student's or
taxpayer's income tax return?
Yes.
The student is eligible for the Life Time Learning
Credit.
No.
The student is not eligible to claim the Hope
Scholarship or the Life Time Learning Credit for
education expenses paid by funds withdrawn from the
Coverdell ESA.
Salisbury University is providing this information as a
service to its students, but please keep in mind it is not an authority on
taxation. Therefore, the University is not responsible for any
misrepresentation of the IRS regulations. You should consult a tax advisor
to determine if you qualify for the credit or for any other related
questions.
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