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Can I take the Lifetime Learning credit for college expenses?
You may be able to take a tax credit of 20% of up to $10,000 in college tuition and fees per year if you paid college expenses for yourself, your spouse or your dependent. The credit begins to be phased out in 2008 when your income is more than $48,000 -- or $96,000 if you are married and file jointly. It begins to be phased out in 2009 at income levels above $50,000 ($100,000 if filing jointly).You can’t take the Lifetime Learning Credit for a student in the same year that you take the Hope credit, nor can you use the same expenses to calculate tax-free withdrawals from an Coverdell education savings account (ESA) or qualified tuition plan (QTP) for that student. For more information, see IRS Publication 970, Tax Benefits for Higher Education on the IRS Web site.Return to Questions
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