But this amount may not be the amount you can claim. The form will have an amount in box 1 to show the amounts received during the year. This statement helps you figure your credit. Generally, students receive a Form 1098-T, Tuition Statement, from their school by January 31. To be eligible to claim the AOTC or LLC, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition Statement PDF, from an eligible educational institution, whether domestic or foreign.
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You can’t claim the credit if your MAGI is $69,000 or more ($138,000 or more if you file a joint return).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).See our chart to Compare the LLC and AOTC What are the income limits for LLC? There are important differences between the LLC and AOTC. Important differences between LLC and AOTC For schools that use clock or credit hours and do not have academic terms, the payment period may be treated as an academic period. Academic periods are determined by the school. Be enrolled for at least one academic period * beginning in the tax year.Īcademic Period can be semesters, trimesters, quarters or any other period of study such as a summer school session.Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills.Be enrolled or taking courses at an eligible educational institution.To be eligible for LLC, the student must:
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Use our interactive app, Am I Eligible to Claim an Education Credit?, to find out if you can claim an education credit. See "Who Cannot Claim an Education Credit" on our Education Credits - AOTC and LLC page.
#LEARNING ON THE JOB NO PAY PROFESSIONAL#
This credit can help pay for undergraduate, graduate and professional degree courses - including courses to acquire or improve job skills.
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The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.