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MOORE’S SERVICES is a full service Tax Preparation Company that provides year-round services. We specialize in both individual and business taxes. We also offer Notary Public Services. Come in and see us today.

Tuesday, January 22, 2013

Who can claim the Lifetime Learning Credit? ALABAMA'S #1 TAX SERVICE


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 of a student who is enrolled in one or more courses at an eligible educational institution to acquire or improve job skills.
  • The student for whom you pay the qualified tuition and related expenses is yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.
  • The qualified tuition and related expenses are paid in the tax year for an academic period beginning in that year or in the first 3 months of the following year.
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 parents').
  • Your modified adjusted gross income is above a specified amount.
  • You (or your spouse) were a nonresident alien for any part of the tax year and the nonresident alien did not elect to be treated as a resident for tax purposes. (For additional information, refer to Publication 519 U.S. Tax Guide for Aliens); or
  • You claim another education credit for the same student in the same year.




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