A child attended college for five years (undergrad and grad school). The fifth year was 2013, and the child graduated May 2013. Parents provided over 50 percent of the child’s living expenses in 2013, and the child is under age 24 in 2013. Parents had to pay additional $1,700 for tuition to university in 2013 because of a billing error in December 2012.
Can the parents claim this $1,700 tuition expense toward the Lifetime Learning Credit in 2013? Education credits were taken in each of the previous five years.
Yes, the expenses qualify for the Lifetime Learning Credit
. For more information, talk to your tax preparer or financial advisor. To find a CPA in Pennsylvania, visit www.ineedacpa.org
Answer By: David M. Lastowski, CPA, a sole practitioner in Erie, Pa.