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February 16, 2021
Question

Can I claim the lifetime learning credit if I was a college student in 2016-2018? I just found out about this credit and would like to see if I qualify.

  • February 16, 2021
  • 2 replies
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2 replies

February 16, 2021

Here are the qualifications for the lifetime learning credit:

  • You, your dependent, or a third party paid qualified education expenses for higher education
  • The qualified education expenses were for an eligible student
  • The eligible student is you, your spouse, or a dependent on your tax return
  • For the full credit, your 2020 MAGI (modified adjusted gross income) is less than $59,000 ($118,000 if you are filing jointly)
    • For a reduced credit, your MAGI is between $59,000 and $69,000 ($118,000 and $138,000 if you're filing jointly)

For further information click here.

 

FYI, You only have three years to amend your income tax return from the date it was due in order to claim a refund.  Therefore, you will only be able to amend your 2017 and 2018 income tax returns.   

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Hal_Al
Employee
February 16, 2021

If you were a dependent during those years, you were not allowed to claim the education credit.  Your parents would have claimed it on their return.

 

You are asking about the lifetime learning credit (LLC) rather than the more generous American Opportunity Credit (AOC).  The LLC is non-refundable. It could only be used to reduce an actual tax liability.  The AOC is 40% refundable. Only undergrads can claim the AOC and a full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working.