Lifetime Education Tax Credit?

Question

I never knew I could claim these credits and have been filing a 1040EZ forever. What year did this Lifetime Education credit begin? Can I amend my taxes as far back as 2003 to get the credit (I know I qualify for it.)? Thank you!

Answer 1

You can file a form 1040X depending on the circumstances. Unfortunately 1040X is not accepted electronically, so you have to fill it up and mail it to the address in your tax jurisdiction. Currently you can go back four years that includes 2003.

It is a very simple form to fill, but make sure you have all the previous 1040Ez that you used because you will be required to copy that information into the the 1040X, and then fill up the correct information as it should have been, in this case the Lifetime Education credit.

You may need to find out if you had claimed for the Hope education credit which is a little higher than the Lifetime, but only for two years college after High school. in case you had not then this is what you would want to fill in as missing and not the Lifetime at least for the two years assuming its 2003 and 2004, thereafter Lifetime takes over. Remember use one form 1040X for each amendment...so if you are amending for 2003 - 2006 that if four years you need to file four 1040X's. I can assure it may be worth it, if the circumstances are as you presented.

There are limitation that may not allow you to claim this credit for example if your filing status is head of household or married filing separate, but you should be good if filing single and married filing jointly.

Too much information but I hope this is helpful.

Answer 2

Yes; you can claim this credit if you haven't done so in previous tax years. You just have to have proof that you qualify for the credits. You should talk to a tax advisor to help you with filing these credits......good luck!

Answer 3

If you meet all of the qualifications to claim the credit, you can amend your past returns to claim it

You have until midnight April 15th, 2007 to file an amended return for the 2003 tax year.
Publication 970
http://www.irs.gov/publications/p970/ch03.html

1040X
http://www.irs.gov/pub/irs-pdf/f1040x.pdf

1040X instructions
http://www.irs.gov/instructions/i1040x/index.html