Graduate School tuition

Forum|Forum|5 years ago
March 8, 2021
1 reply
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I'm working on my MBA and for 2020, had a large tuition expense (in addition to receiving scholarships). Is this deductible using the Lifetime Learning Credit? Do I request the form 1098-T from the school? I haven't figured out my AGI, but my wages were $89k for the partial year.

MinhT1

You should have received a form 1098-T. If you have not received it, you can contact your college or log into your student account at the college and print it out.

If your college is a qualified institution, your tuition is eligible for the Lifetime Learning credit.

The Lifetime Learning credit can be limited by income.

What are the income limits for Lifetime Learning Credit?

For TY2020, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $59,000 and $69,000 ($118,000 and $138,000 if you file a joint return).
You can’t claim the credit if your MAGI is $69,000 or more ($138,000 or more if you file a joint return).

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