Am I correct in saying that the education must have been
from an accredited college?
I'm trying to see if pilot training (not an a university,
but a flight school) would qualify. This is for the
instrument rating (rating after private pilot). This would
not be to qualify for a new job (or for an old job either).
I've read that the answer is no, but then what is the
purpose of the "lifetime" learning credit if not to take
classes here and there througout your lifetime?
Generally, you can claim the lifetime learning credit if all
three of the following requirements are met.
You pay qualified tuition and related expenses of higher
education. You pay the tuition and related expenses for an
eligible student. The eligible student is either yourself,
your spouse, or a dependent for who you claim an exemption
on your tax return.
The lifetime learning credit is based on qualified tuition
and related expenses you pay for yourself, your spouse, or a
dependent for who you can claim an exemption on your tax
return. Generally, the credit is allowed for qualified
tuition and related expenses paid in 2003 for an academic
period beginning in 2003 or in the first 3 months of 2004.
For purposes of the lifetime learning credit, an eligible
student is a student who is enrolled in one or more courses
at an eligible educational institution.
An eligible educational institution is an college,
university, vocational school, or other postsecondary
educational institution eligible to participate in a student
aid program administered by the Department of Education. It
includes virtually all accredited, public, nonprofit, and
proprietary (privately owned profit-making) postsecondary
institutions. The educational institution should be able to
tell you if it is an eligible educational institution.
You cannot claim the lifetime learning credit if any of the
following apply.
Your filing status is married filing separately. You are
listed as a dependent in the Exemptions section on another
person's tax return (such as your parent's). See Who Can
Claim a Dependent's Expenses, later.
Your modified adjusted gross income is $51,000 or more
($103,000 or more in the case of a joint return). Modified
adjusted gross income is explained later under Does the
Amount of Your Income Affect the Amount of Your Credit. You
(or your spouse) were a nonresident alien for any part of
2003 and the nonresident alien did not elect to be treated
as a resident for tax purposes. More information on resident
aliens can be found in Publication 519, U.S. Tax Guide for
Aliens. You claim the Hope credit for the same student in
2003.
"Jack" - John H. Fisher - (e-mail address removed)
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at:
http://members.aol.com/TaxService/index.html
Where Ignorance is bliss, 'tis folly to be wise!=
