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We have tuition waiver for 2018 that may be converted to a loan in future. Can we claim the Lifetime Learning Credit in a future tax year even though 1098-T was 2018?

Forum|Forum|7 years ago
June 4, 2019
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My wife is taking college classes at our state university (both this year and last) toward becoming a teacher but her tuition is waived by the state with the promise that she find a teaching position in the state. If she cannot find a teaching job in her field within 6 month after the program, than her tuition waiver will be converted to a loan. We received a 1098-T from the university for 2018, but I assume we are not eligible to claim the Lifetime Learning Credit for 2018 because the tuition is waived, but if the waiver is converted to a loan will be able to claim the credit in a future tax year for the educational expenses in 2018?

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Best answer by AlanT222

If the waiver is converted to a loan, you will either have the opportunity to file an amended income tax return for 2018 to claim the Lifetime Learning Credit or you will be able to claim the credit in a future year. Either way, if the waiver is converted to a loan, you will be able to claim the LLC credit.

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AlanT222Answer

If the waiver is converted to a loan, you will either have the opportunity to file an amended income tax return for 2018 to claim the Lifetime Learning Credit or you will be able to claim the credit in a future year. Either way, if the waiver is converted to a loan, you will be able to claim the LLC credit.

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