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I was wondering if i qualify for any tax credits if I

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Hi, I was wondering...

Hi, I was wondering if i qualify for any tax credits if I received a pell grant that covered my certificate program for the 6 month period. I paid nothing to go to school but i did pay for living expenses etc... Do i still qualify?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

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Submitted: 29 days ago.Category: Tax
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3/29/2018
Tax Professional: Barbara, Enrolled Agent replied 29 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,819
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Receiving a Pell Grant does not mean you cannot also get a tax credit or deduction, but you must have eligible expenses that were more than the Pell Grant. You may be able to claim the difference.

The American Opportunity Credit is a partially refundable tax credit for up to $2,500. Forty percent is refundable. So even if you do not owe taxes, you could still see a refund of $1,000. The eligible expenses are tuition, fees, course-related books, supplies and equipment. This credit is available for the first four years of college.

The Lifetime Learning Credit is nonrefundable, but it can reduce the amount of tax you owe by up to $2,000. Eligible expenses are only those that are charged by the school for attendance that were not paid for with the Pell Grant. There is no limit to the number of years this credit can be claimed.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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