Lifetime Learning Credit Details

The Lifetime Learning Credit provides a tax credit of pp to $2,000 ($4,000 if a student in a Midwestern disaster area) per year to offset your educational expenses for all years of postsecondary education and for courses to acquire or improve job skills. Student does not need to be pursuing a degree or other recognized education credential, and the credit is available for an unlimited number of years.

A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. The lifetime learning credit is a nonrefundable credit. This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you.

Who Can Claim the Credit

Generally, you can claim the lifetime learning credit if all three of the following requirements are met.

• You pay qualified education expenses of higher education.
• You pay the education expenses for an eligible student.
• The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.

Who Cannot Claim the Credit

You cannot claim the lifetime learning credit for 2008 if any of the following apply.

• Your filing status is married filing separately.
• You are listed as a dependent in the Exemptions section on another person's tax return (such as your parents').
• Your modified adjusted gross income (MAGI) is $58,000 or more ($116,000 or more in the case of a joint return).
• You (or your spouse) were a nonresident alien for any part of 2008 and the nonresident alien did not elect to be treated as a resident alien for tax purposes.
• You claim the Hope Credit or a tuition and fees deduction for the same student in 2008.

What Expenses Qualify

The lifetime learning credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Generally, the credit is allowed for qualified education expenses paid in 2008 for an academic period beginning in 2008 or in the first 3 months of 2009. For example, if you paid $1,500 in December 2008 for qualified tuition for the Spring 2009 semester beginning in January 2009, you may be able to use that $1,500 in figuring your 2008 credit.

Academic period

An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period.

Paid with borrowed funds

You can claim a lifetime learning credit for qualified education expenses paid with the proceeds of a loan. You use the expenses to figure the lifetime learning credit for the year in which the expenses are paid, not the year in which the loan is repaid. Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account.

Student withdraws from class(es)

You can claim a lifetime learning credit for qualified education expenses not refunded when a student withdraws.

Qualified Education Expenses

For purposes of the lifetime learning credit, qualified education expenses are tuition and certain related expenses required for enrollment in a course at an eligible educational institution. The course must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills.

Eligible educational institution

An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.

Adjustments to Qualified Education Expenses

If you pay qualified education expenses with certain tax-free funds, you cannot claim a credit for those amounts. You must reduce the qualified education expenses by the amount of any tax-free educational assistance and refund(s) you received. These tax free funds include Pell Grants, the tax-free part of scholarships and fellowships, Veterans' educational assistance, and employer-provided educational assistance.

Claiming the Credit

You claim the lifetime learning credit by completing Parts II and III of IRS Form 8863 and submitting it with your Form 1040 or 1040A when you file your Federal Income Tax return.

(Source of information: IRS publications. Information provided is educational in nature and not intended to advise you of your individual eligibility or to constitute tax advise. Please consult your financial advisor, tax advisor, or the IRS directly to get up-to-date information and determine your eligibility.)

The College Network

Online

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Online

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Campus

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University of Phoenix

Campus

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Independence University

Campus

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Kaplan College - KHE

Campus

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Keiser University

Campus

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American Career College

Campus

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California College San Diego

Campus

California College San Diego (CCSD) offers degree programs in Medical Specialties, Respiratory Therapy, Healthcare Administration, Business Management and Accounting, Computer Technology and Networking, Computer Programming, and Computer Science. Online programs are offered by our affiliated college, Stevens-Henager College, Salt Lake City/Murray.

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Grand Canyon University

Campus

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Phoenix

West Coast University

Campus

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Career Colleges of America

Campus

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Chamberlain College of Nursing

Campus

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Addison

Carrington College California

Campus

Carrington College California offers the programs you need to begin a career in healthcare. Choose from Healthcare, Massage Therapy, Dental Assisting, Pharmacy Technology, or Veterinary Services.

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University of St. Mary

Online

Give your career a boost with University of Saint Mary. We offer online degree programs at the undergraduate and graduate levels to help make your educational and professional goals a reality.

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Western Governors University

Campus

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San Francisco

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Campus

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Santa Barbara Business College

Campus

California is home to beautiful landscapes, a diverse population and countless things to do. Santa Barbara Business College is a California technical school that helps people just like you learn skills for their career. After all, without a good career, it can be difficult to enjoy all the wonderful things California has to offer.

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Concorde

Campus

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Garden Grove
San Diego

Charter College

Campus

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Canyon Country
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Oxnard

Roseman University

Online

The USN accelerated online program offers accelerated nursing education that allows you to earn a BSN in just 14 months. This new program blends the personal convenience of online course study with enriching clinical learning in Henderson, Nevada.

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Institute of Technology

Campus

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Modesto
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Clovis

Summit College

Campus

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Colton
Anaheim

Capella University

Campus

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Minneapolis

Saint Peter's College

Online

Saint Peter's College has prepared its students for academic excellence and professional success for over one hundred years. Our dedicated faculty and staff are committed to providing each student with the opportunity for educational and spiritual enrichment. That same commitment to individual support is now available to learners everywhere via the new online degree programs offered by the College.

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Stratford Career Institute

Online

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CBD College

Campus

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Los Angeles

Saint Xavier University

Campus

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Chicago

Allied Health Institute

Online

Allied Health Institute is a post-secondary vocational school offering a variety of Diploma and Associate Degree programs in the field of Allied Health. By utilizing online learning, students have the flexibility to continue their education from the convenience of their own home. Our virtual classrooms will enable students to attend classes and communicate with instructors and classmates. Students can complete some programs without leaving their current employment or sacrificing family time.

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Everest College

Campus

Develop the skills to succeed in today's highly competitive business environment. Everest College can prepare you for a rewarding career in some of today's hottest fields.

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Ontario
LA Puente
Hayward
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Los Angeles
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Reseda
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Alhambra
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Platt College

Campus

Turn your talents into a career. Nationally recognized and accredited Platt College offers degree programs in Graphic Design, Multimedia, IT Networking and Paralegal.

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Alhambra
Ontario
Riverside

Heald College

Campus

Heald College offers 18-month associate degree programs that will prepare you for a career in Business, Technology, or Healthcare. Small class sizes, hands-on instruction.

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Milpitas
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Salinas

Milan Institute

Campus

Successful careers begin at the Milan Institute. We offer quality hands-on training, experienced faculty and a staff committed to helping you realize your goals.

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Indio
Clovis
Visalia

UEI College

Campus

UEI College can give you the real world medical, business, and technology skills you need to start a rewarding career. Let us know how we can assist you with your personal growth by helping you train for your perfect career.

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Riverside
Gardena
Bakersfield
Fresno
Stockton

Empire College

Campus

Empire College, located in Santa Rosa, California, can give you the career training you need to launch or advance your career in the Business, Law, Technology, or Medical fields.

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Campus Locations:

Santa Rosa

WyoTech

Campus

The career-focused programs at WyoTech can give you the hands-on training you need to succeed. Program areas includemechanics, technician training, and technology.

Programs:

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Campus Locations:

Long Beach

Mayfield College

Campus

Give your career a boost with an education from Mayfield College. Our academic programs include medical front office, computer support technician, and general office management.

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Cathedral City

BioHealth College

Campus

Give your career a boost with BioHealth College. We offer programs in biotechnology, pharmacy tech, medical assisting, and business administration. Our programs can be completed in as little as seven months.

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Campus Locations:

San Jose

South University Online

Campus

Designed with the needs of working adult students in mind, South University, Online Programs is built on the same curriculum offered at South University's campus locations. As a student at South University, Online Programs you will receive the same degree, quality instruction, variety of learning options and level of service found at the campus locations.

Programs:

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Campus Locations:

Savannah