Understanding Qualified Educational Expenses for Teachers
Are you a working teacher or professional educator who's thinking about going back to graduate school? You are probably aware that there are many potential professional benefits associated with earning a masters of education degree. But, did you also know that the cost of tuition and certain related expenses may qualify as "Lifetime Learning Credit" tax deduction if you choose a school and program that meet the "qualified education expense" criteria?
An Overview of the Lifetime Learning Credit
- Coursework Criteria: The courses taken have to be part of a postsecondary degree program or must be taken for the purpose of gaining or improving job skills.
- Educational Institution Eligibility: Courses must be taken from an eligible educational institution to qualify for the credit. Any postsecondary school that is eligible for participation in one or more federal financial aid programs administered by the United States Department of Education is considered an eligible educational institution.
- Qualified Expense: Tuition and certain related expenses, such as mandatory fees that must be paid to the institution as a condition of attending or enrolling, for courses that meet the above two criteria may qualify for the credit.
Note: This overview is provided for informational purposes only and should not be construed a tax advice. For detailed information on the Lifetime Learning Credit, see IRS Publication 970 or consult with a Certified Public Accountant or other qualified tax advisor.
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