American Opportunity and Lifetime Learning Tax Credits
There are various credits you may be able to claim on your taxes if you, your spouse, or a dependent claimed on
your tax return was enrolled at Spokane Community College in 2010. The credits vary, and it is best to consult
the IRS or your tax advisor for specific questions.
To obtain your 1098-T information, please
visit the
SCC Online Student Information system
.
American Opportunity Tax Credit
The American Opportunity credit originally modified the existing Hope credit for tax years 2009 and 2010, and was
later extended for an additional two years - 2011 and 2012, making the benefit available to a broader range of
taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to
the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead
of two. Many of those eligible qualify for the maximum annual credit of $2,500 per student.
The Lifetime Learning Tax Credit
The Lifetime Learning credit helps parents and students pay for post-secondary education. For the tax year, you
may be able to claim a Lifetime Learning credit of up to $2,000 for qualified education expenses paid for all
students enrolled in eligible educational institutions. There is no limit on the number of years the Lifetime
Learning credit can be claimed for each student. However, a taxpayer cannot claim both the Hope or American
Opportunity credit and Lifetime Learning credits for the same student in one year. Thus, the Lifetime Learning
credit may be particularly helpful to graduate students, students who are only taking one course, and those who
are not pursuing a degree.
For more information please visit the following websites: