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I've seen a lot of discussion about this credit, but always in situations very different from my own. I graduated from college in May of 99. The one term of classes for which my tuition was paid in 1999 came to about $6500, almost entirely from student loans that are in my own name.

I have paid well over 1/2 of my own support over 1999, so my parents can not claim me as a dependent for that year. It seems to me that I should be able to claim the Lifetime Learning Credit for the full $1000, but I haven't seen anyone else do it or discussion of it on the board, so I was hoping for some affirmation one way or the other. Am I allowed to claim this credit?

/Joe
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<< I've seen a lot of discussion about this credit, but always in situations very different from my own. I graduated from college in May of 99. The one term of classes for which my tuition was paid in 1999 came to about $6500, almost entirely from student loans that are in my own name.

I have paid well over 1/2 of my own support over 1999, so my parents can not claim me as a dependent for that year. It seems to me that I should be able to claim the Lifetime Learning Credit for the full $1000, but I haven't seen anyone else do it or discussion of it on the board, so I was hoping for some affirmation one way or the other. Am I allowed to claim this credit? >>

You don't provide enough information for a yes or no answer, but it looks promising. Get Form 8863 and work through it, posting with all the pertinent information if you have any questions.

Phil Marti
Tax Preparer
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<< I've seen a lot of discussion about this credit, but always in situations very different from my own. I graduated from college in May of 99. The one term of classes for which my tuition was paid in 1999 came to about $6500, almost entirely from student loans that are in my own name.>>

You might also want to read my article on the Lifetime Learning Credit in the Taxes FAQ area for additional information. As Phil points out, it sounds promising, but there is just not enough information to provide a specific answer.

TMF Taxes
Roy

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