There are very few times in my life where I’ll actually be looking forward to doing my taxes – but this year is one of them! Thank you Lifelong Learning Credit!
Lifetime Learning Credit for College Juniors, Seniors, Graduate Students and working Americans pursuing lifelong learning to upgrade their skills. For those beyond the first two years of college, or taking classes part-time to improve or upgrade their job skills, the family will receive a 20% tax credit for first $5,000 of tuition and fees through 2002, and for the first 10,000 thereafter. The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment after June 30, 1998. The credit is available on a per-taxpayer (family) basis, and is phased out at the same income levels as the HOPE Scholarship.
Because my last quarter at NU was in 2005 – I’m going to get one heck of a return this year! (Hutch, pay attention!) I’d say this would be one of the times I’m happy about the way our government works but I’m just getting money back that they have already taken! That being said, there are a few more things to be happy about at tax time. I, for one, will be filing for free. Of course, with my student job/temporary employment I made far below the $50,000 limit to file free – so I can actually take advantage! (click on the IRS image above for more info)
Next year will hopefully be a MUCH different story!
(wondering if linking to the IRS is a good idea!)