Kareni
02-07-2010, 02:08 AM
I'm wading through IRS Publication 970 (http://www.irs.gov/pub/irs-pdf/p970.pdf) "Tax Benefits for Education" trying to figure out whether the American Opportunity Credit is a better deal for us than the Lifetime Learning Credit or whether either of them is applicable at all given that most of my daughter's tuition is covered by a grant.
Anyone else familiar with this delightful (gasp, choke) document? If so, would you care to discuss the ramifications of examples 3 and 4 on pages 13 and 14? Specifically, in example 4 -- what if Larry enrolled as a full time student at College Y (rather than at College X which he had attended as a non-degree seeking student during high school) but did not receive/seek credit for his courses taken at College X? Would he able to claim those eligible expenses from his spring classes at College X?
Regards,
Kareni
Anyone else familiar with this delightful (gasp, choke) document? If so, would you care to discuss the ramifications of examples 3 and 4 on pages 13 and 14? Specifically, in example 4 -- what if Larry enrolled as a full time student at College Y (rather than at College X which he had attended as a non-degree seeking student during high school) but did not receive/seek credit for his courses taken at College X? Would he able to claim those eligible expenses from his spring classes at College X?
Regards,
Kareni