Tax credits and law school

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furrrman
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Joined: Thu Dec 05, 2013 3:36 pm

Tax credits and law school

Postby furrrman » Thu Jan 30, 2014 3:13 pm

Does anyone have any experience claiming these? Can the lifetime learning credit be claimed for law school tuition? Obviously I won't be working while in LS, but will be the 6-7 months prior.

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patogordo
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Re: Tax credits and law school

Postby patogordo » Thu Jan 30, 2014 3:19 pm

furrrman wrote:Does anyone have any experience claiming these? Can the lifetime learning credit be claimed for law school tuition? Obviously I won't be working while in LS, but will be the 6-7 months prior.

pretty sure LLC can be used for any school, although last time i talked about taxes on here someone tried to put me on some tea party terrorist tax watchlist so take my advice with a grain of salt.

don't forget about the American Opportunity Tax Credit, though, if you haven't already used it 4 times. it's not available for grad students but if you go UG->LS in the same year you can still use it that year.

Q13. If a student was an undergraduate during the first part of the taxable year and became a graduate student that same year, will the student qualify for the American opportunity tax credit?
A. If a student has not completed the first four years of post-secondary education as of the beginning of the taxable year, and has not claimed the Hope scholarship credit and/or the American opportunity tax credit for more than four taxable years, the student can claim the American opportunity tax credit for qualified expenses paid during the entire taxable year.

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furrrman
Posts: 186
Joined: Thu Dec 05, 2013 3:36 pm

Re: Tax credits and law school

Postby furrrman » Thu Jan 30, 2014 3:24 pm

patogordo wrote:
furrrman wrote:Does anyone have any experience claiming these? Can the lifetime learning credit be claimed for law school tuition? Obviously I won't be working while in LS, but will be the 6-7 months prior.

pretty sure LLC can be used for any school, although last time i talked about taxes on here someone tried to put me on some tea party terrorist tax watchlist so take my advice with a grain of salt.

don't forget about the American Opportunity Tax Credit, though, if you haven't already used it 4 times. it's not available for grad students but if you go UG->LS in the same year you can still use it that year.

Q13. If a student was an undergraduate during the first part of the taxable year and became a graduate student that same year, will the student qualify for the American opportunity tax credit?
A. If a student has not completed the first four years of post-secondary education as of the beginning of the taxable year, and has not claimed the Hope scholarship credit and/or the American opportunity tax credit for more than four taxable years, the student can claim the American opportunity tax credit for qualified expenses paid during the entire taxable year.


Great answer, thanks. I think I've only used the AAOC three years but I will have to go back and look.




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