Education Credits?


A

alabaster

I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).

Is there any benefit to claiming the Lifetime Learning
credit anyway? Will claiming/not claiming it this year
affect next year's taxes? Any other benefits or problems
that I should know of?

Or is their no point to my claiming it at all?

Thanks,
chris.
 
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A

A.G. Kalman

alabaster said:
I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).

Is there any benefit to claiming the Lifetime Learning
credit anyway? Will claiming/not claiming it this year
affect next year's taxes? Any other benefits or problems
that I should know of?

Or is their no point to my claiming it at all?
Look at Part III of Form 8863. You'll discover you don't
qualify for an education credit.
 
P

Paul

alabaster said:
I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).
That happens a lot.
Is there any benefit to claiming the Lifetime Learning
credit anyway?
No.

Will claiming/not claiming it this year
affect next year's taxes?
Nope.

Any other benefits or problems
that I should know of?
None that I know of.
Or is their no point to my claiming it at all?
Apparently not.
 
P

Phil Marti

alabaster said:
I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).
Or is their no point to my claiming it at all?
None.

Phil Marti
Topeka, KS
 
B

Bill

(e-mail address removed) posted:
I am eligible for the Lifetime Learning credit,
but claiming it won't increase my refund (after
standard deduction, my taxable income is
already 0).
Is there any benefit to claiming the Lifetime
Learning credit anyway? Will claiming/not
claiming it this year affect next year's taxes?
No, and no.
Any other benefits or problems that I should
know of?
No.

Or is their no point to my claiming it at all?
Not much point, IMO. But it's up to you. It's just another
piece of paper (or few bits of memory).

Bill
 
S

Sassy Baskets

I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).

Is there any benefit to claiming the Lifetime Learning
credit anyway? Will claiming/not claiming it this year
affect next year's taxes? Any other benefits or problems
that I should know of?

Or is their no point to my claiming it at all?
Not claiming it this year will have no effect at all on your
taxes in the future.

If your parents can claim you as a dependent, they can also
claim the Lifetime Learning Credit based on your expenses.
 
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H

Herb Smith

alabaster said:
I am eligible for the Lifetime Learning credit, but claiming
it won't increase my refund (after standard deduction, my
taxable income is already 0).
Even if you are "eligible", you can't claim a credit that
will reduce your tax below -0-. If your taxable income is
already -0-, then the tax is likewise -0-.
Is there any benefit to claiming the Lifetime Learning
credit anyway?
No

Will claiming/not claiming it this year
affect next year's taxes?
No

Any other benefits or problems that I should know of?

Or is their no point to my claiming it at all?
See the first answer. If your pre-credit tax liability is
ALREADY zero, you cannot claim a credit that will reduce
your taxes BELOW zero. The Earned Income Credit and
Additional Child Tax Credit are specific exemptions, and are
treated as Payments (like withholding), not reductions in
the tax liability.
 

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