The American Opportunity and the LifeTime Learning Credits

 

Holloway Hall

Life Time Learning Credit- Determining Student Eligibility

These questions should be answered for each higher education student in the family.

Is the taxpayer or the student claiming a American Opportunity Credit?

Yes.
The taxpayer is not eligible for the LLC for any student for which a American Opportunity 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, 2013?

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is not eligible to claim the American Opportunity or the Life Time Learning Credit for education expenses paid by funds withdrawn from the Coverdell ESA.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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