Discussion:Life Time Learning Credit
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Life Time Learning Credit
Canaanland (talk|edits) said: | 18 January 2007 |
| I have another question, but this one refers to a different Subject. I hope that is ok on this forum.
Our son (full time college student) turned 24 in November 2005, and he is a college student. The college bill for 2005 was about $12,000. (we normally claim him, and use form 8863 Life time learning credit) We get the full $2000.00 back on our taxes, because my husband paid in a lot of taxes. And we give the money to our son to invest back into college. Since he turned 24, from what i understand from the 1040 instructions, we cannot claim him, therefore we cannot use the 8863 form. He has to claim himself, and use the 8863 Life Time Learning Credit form. He has made about $6000.00, so they did not hold out very much federal taxes, bottom line is that he will not receive the full amount on the 8863 Form. So i checked to see if he could qualify for earned income credit because of such a low income, and i found out that there is a minimum age of 25. This does not seem quite fair. Am i missing something? Thank you, Julie | |
| January 18, 2007 | |
| No, you're not missing anything, Julie. The unused tuition credit on your son's return is not refundable. His income is less than the standard deduction and exemption amounts, so there's no need to even file Form 8863. | |
