Tax Benefits for Education (IRS Publication 970) ... the thrill of it all!

[Kareni]

I'm wading through IRS Publication 970 "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

[Halftime Hope]

but nap first...otherwise I'll never be able to decipher it.

[QueenCat]

We use H&R Block's tax prep software. You plug in the numbers to the questions, and it shows you the different scenarios. Super easy....