im doing my taxes, but im still going to school, does this mean that i can claim it every year that i study, or should i do it once im done with school?
2007-02-26 11:22:32 · 4 answers · asked by divemares2000 1 in Business & Finance ➔ Taxes ➔ United States
The Lifetime Learning Credit can be claimed as long as you have qualifying educational expenses Always read up on Publication 970 to see if there are any changes to the Tax Law in reference to any other the Educational Expenses.
There are certain things like Income Limitations that can reduce or exclude you from claiming the Educational deductions and credits
2007-02-26 11:57:26 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Lifetime learning credit can be claimed in as many years as you have eligible expenses. You have to claim the expenses in the year they're paid, or lose them - you can't save them up until you're done with school.
2007-02-26 13:34:46 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
As long as you meet all the requirments in the book you can take it. Fill out the 8863. The hope credit is only good for 2 years.
2007-02-26 14:03:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No you could't. Taxes are calculated on the money foundation (whilst the money bodily left your pocket), no longer on the accrual foundation(whilst the instructions have been incredibly held) .in case you maxed out one 3 hundred and sixty 5 days, there is no carry ahead of academic costs.
2016-12-14 06:28:46 · answer #4 · answered by sickels 4 · 0⤊ 0⤋