If a company offers educational reimbursement, can I still use the Lifetime Learning Credit on my tax return?

Question

I was reimbursed for TUITION and BOOKS only, and I've spent a lot more money on fees (registration, technology etc. )(over $1000). I'm wondering if I can use the Lifetime Learning credit in this situation ? LLC is clearly applicable to fees, tuition, and books, according to the IRS.

Answer 1

Tuition and fees are eligible expenses. Books and supplies usually are not - they're only eligible if they MUST be purchased FROM THE INSTITUTION as a condition of enrollment or attendance. Books that you purchase from the school bookstore are not eligible expenses. Books and supplies only count if their cost is basically rolled into the tuition and course fees charges. Read the IRS instructions carefully, and read the examples regarding books and supplies.

You should be able to use the Lifetime Learning Credit for your course fees, though, since they were not reimbursed. You can't, of course, claim the credit for anything you were reimbursed for.

Answer 2

became your finished federal earnings tax withholding for the year $762 money? Or, does your finished earnings tax withholding for the year plus your earned earnings credit entire $762? if so, this makes suitable experience. The lifetime gaining knowledge of credit is a non-refundable credit. this suggests it may decrease your tax criminal duty to 0 yet no extra credit would be refunded to you. in case you will no longer be able to be claimed as a based on yet another individual's tax return, at basically $8000 in earnings you haven't any longer have been given any tax criminal duty. The lifetime gaining knowledge of credit can't get you a greater refund.

Answer 3

not for the portion you have been reimbursed for. it is likely that they will be claiming that credit for themselves and you may get audited and owe it back to the government. i would suggest checking with a local cpa to be sure.