[hopefulcpa28]

I understand that a parent can claim both credits in the same year. American opportunity for one child, while Lifetime learning for the other.

However, can I (for example) claim both credits on my tax return?

Let’s say my education expenses this year cost $10,000.

$2500 from American opportunity

$2000 from Lifetime

$4000 tuition fee deduction (adjustment)

[One day….]

You can only take one deduction/credit per person.

One day is today! I'm DOOONNNNNEEEEE!!!!!!!!!

[Anonymous]

Each credit is targeted for a particular type of student.

Amer. Opp – First four tax years of post-secondary school, 20% of expenses paid as a credit, with a cap of $2500 with income limitations.

Lifetime – 20% of expenses as a credit, credit capped at $2000. Not limited to first four years (Graduate, Doctorate studies) with income limitations.

Tuition Deduction – $4000 as an ABOVE the line deduction FOR AGI. Which can help to amplify Itemized deductions that have AGI hurdles (Medical Expenses, Misc. Deductions). Also comes with income limitations.

But one day is correct, you can only take one if you are claiming your own education expenses. IRS and the Tax Laws prevent you from double dipping. Just run each credit scenario to figure which credit benefits you the most.

Hope this helps.

[Yvonne570]

The credits can be taken together as separate credits. Not like the rules of IRA.

Becker Tim G explains this topic very well.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[hopefulcpa28]

Thanks guys!! I was under the impression that you can take various credits during the year.

[Author]

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