![]() ![]() Contact a tax preparer or the IRS if you need assistance. The following information is not professional tax advice. If your modified adjusted gross income is $66,000 or more ($132,000 or more for a joint return), then you cannot claim a Lifetime Learning Credit. Starting with the 2017 tax year, the amount you may claim under the Lifetime Learning Credit is gradually reduced if your modified adjusted gross income is between $56,000 and $66,000 ($112,000 and $132,000 if you file a joint return). Thus, the maximum credit a taxpayer may claim for a taxable year is $2,000. The amount that may be claimed is equal to 20% of the first $10,000 of qualified educational expenses for all students in a family. The Lifetime Learning Credit may be claimed for qualified educational expenses for any student who is enrolled in an eligible educational institution. If your modified adjusted gross income is $90,000 or more ($180,000 or more for joint filers), then you cannot claim the American Opportunity Credit. ![]() Starting with the 2017 tax year, the amount you may claim under the American Opportunity Credit is gradually reduced if your modified adjusted gross income is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return). A family with multiple eligible students may claim this amount for each student. Thus, the maximum credit a taxpayer may claim per student is $2,500 per year. 25% of the next $2,000 of qualified educational expenses paid for a single student.100% of the first $2,000 of qualified educational expenses paid for a single student.The amount that may be claimed is generally equal to the following: Is in a program leading to a degree, certificate, or other recognized educational credential.Has attended college for four years or less.Is enrolled at least half-time (six units during fall or spring).The American Opportunity Credit may be claimed for qualified educational expenses for a student who: You are a international student who does not have a social security number (SSN) or individual taxpayer identification number (ITIN)Ī student’s qualified educational expenses can only be claimed under one of the following tax credit programs in a single tax year.Although we can’t respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. You received a Promise Grant (which waived your enrollment fees) Internal Revenue Service Tax Forms and Publications 1111 Constitution Ave.You did not pay qualified educational expenses in the previous tax year.You will not receive a 1098-T if any of the following apply to you: If you choose to receive your 1098-T by mail, then we will mail your paper copy by January 31. If you choose to receive your 1098-T online, then it will be available in eServices by January 31. We also send a copy to the Internal Revenue Service (IRS). Who Gets the 1098-TĮvery year, we send the 1098-T form to any student who paid tuition fees in the previous tax year. The 1098-T tuition statement form is a federal tax form that eligible students can use to claim federal tax credit under the American Opportunity Credit or the Lifetime Learning Credit. ![]()
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