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Author: dengdeng Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121563  
Subject: Lifetime Learning Credit Date: 10/14/2001 5:05 PM
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Hello-

I am senior at a liberal arts college with loans, scholarships, work-study, a ton of other jobs- the whole works. I was independent on my taxes last year, and am independent this year as well. According to many sources, I should be eligible for a Lifetime Learning Credit this year. But my school's financial aid office is not very much help and seems to want to convince me that I am not entitled to any more money. Where can I find good, clear information on this credit so I can apply for it and get my $1000 or so back?

Thanks,

dengdeng
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Author: dj111 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54575 of 121563
Subject: Re: Lifetime Learning Credit Date: 10/14/2001 5:13 PM
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I should be eligible for a Lifetime Learning Credit this year. Where can I find good, clear information on this credit so I can apply for it and get my $1000 or so back?

You may find this TMF article informative:
http://www.fool.com/school/taxes/1998/taxes981023.htm

David Jacobs

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54591 of 121563
Subject: Re: Lifetime Learning Credit Date: 10/15/2001 12:35 AM
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Where can I find good, clear information on this credit so I can apply for it and get my $1000 or so back?

IRS Publication 970 and Form 8863. I can tell you right now that if you didn't have net income tax after credits of $1,000 there's no way you're going to get a $1,000 refund. Did you pay income tax in year 2000?

Phil Marti
VITA Volunteer

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Author: dengdeng Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54697 of 121563
Subject: Re: Lifetime Learning Credit Date: 10/19/2001 2:11 AM
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Hello-

I have another question. I have about $5,000 left to pay for the year and I have no hopes of doing so- the area I'm in is very economically depressed and I am not paid much. My school fin. aid office has been no help. I asked about the Lifetime Learning Credit because I heard I might be eligible for it. Last year I was an independent on taxes, didn't PAY taxes, but got a $600 refund. When it came to the $300 rebate, I was told I was eligible for nothing (my income for the year was less than $6000, but I figured I would at least get a reduced amount). Now I'm just trying to figure out if there are ways I can offset the cost of my remaining tuition and make it though this year of school without taking out more (or more than a tiny amount more) private loans. My parents did end up hurting last year because I was an independent, and I didn't seem to benefit, either ( although I guess we were honest, cause they don't pay any of my tuition expenses).

My questions are: What should we do this year for taxes? Would I be eligible for a Lifetime Learning Credit or anything else? Or should my parents clain me- and then would they get some money back they could then give to me? If they can get money this year, can they amend the taxes last year to make me a dependent? I am totally clueless, and any advice is appreciated.
I just want to get through this year....I am entering scholarship contests, working hard, but there are still no guarantees...

Thank you guys. This discussion board has helped me a lot so far!

dengdeng

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54698 of 121563
Subject: Re: Lifetime Learning Credit Date: 10/19/2001 7:26 AM
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What should we do this year for taxes? Would I be eligible for a Lifetime Learning Credit or anything else? Or should my parents clain me- and then would they get some money back they could then give to me? If they can get money this year, can they amend the taxes last year to make me a dependent?

Whether you're a dependent is not a matter of choice, it's a matter of math. If your parents paid more than half your support, you're their dependent whether it works out well or not. Likewise if they didn't. See Publication 501.

To get things down to the essence, if you don't have enough income to pay income tax, there is no education credit that will help you. It sounds to me like your 2000 income was below the amount at which you'd owe income tax, and the $600 refund was a refund of income tax withheld from your paychecks. Thus, you weren't eligible for a rebate check this year. If your 2001 income is again below the taxable level you'll receive a full refund of anything withheld for income tax in 2001.

Aside from that, I don't know of anything in tax law that will help you.

Phil Marti

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