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: