The American Opportunity and the LifeTime Learning Credits

 

Holloway Hall

American Opportunity Credit Credit - Determining Student Eligibility

As of January 1, 2013, had the student completed the first 4 years of post secondary education?
Was the student enrolled in a degree or certificate program at Salisbury University during the Spring or Fall 2013 sessions?
Was the student enrolled in at least 6 credits in either the Spring or the Fall sessions?
Has the student been convicted of a state or federal felony offense for distribution or possession of a controlled substance?
Is the taxpayer or the student claiming a American Opportunity or Life Time Learning Credit (LLC)?
Was a withdrawal made from a Coverdell ESA (formerly called education IRA)?
Was this withdrawal claimed as income on either the student's or taxpayer's federal income tax return?

As of January 1, 2013, had the student completed the first 4 years of post secondary education?

Yes.
The student is not eligible for the American Opportunity Credit, but he/she may be eligible for the Life Time Learning Credit.

No.
Proceed to the next question.

Was the student enrolled in a degree or certificate program at Salisbury University during the Spring or Fall 2013 sessions?

Yes.
Proceed to the next question.
No.
The student is not eligible for the American Opportunity Credit Credit, but he/she may be eligible for the Life Time Learning Credit.

Was the student enrolled in at least 6 credits in either the Spring or the Fall sessions?

Yes.
Proceed to the next question.
No.
The student is not eligible for the American Opportunity Credit Credit, but he/she may be eligible for the Life Time Learning Credit.

Has the student been convicted of a state or federal felony offense for distribution or possession of a controlled substance?

Yes.
The student is not eligible for the American Opportunity Credit Credit, but he/she may be eligible for the Life Time Learning Credit.
No.
Proceed to the next question.

Is the taxpayer or the student claiming a American Opportunity or Life Time Learning Credit (LLC)?

Yes.
The student is not eligible for the American Opportunity Credit Credit, since another credit is already being claimed.
No.
Proceed to the next question.

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 American Opportunity Credit 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 American Opportunity Credit Credit.
No.
The student is not eligible to claim the American Opportunity Credit 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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