Lifetime Learning Cr/ vs. Employee Educational Expenses

[zeros]

What is the actual difference in the qualifications of this credit/schedule A deduction? Seems like a better deal to take the credit. On page 233, pub 17, (Lifetime) "Available for all years of postsecondary education and for courses to acquire or improve job skills." Isn't this the same qualification for the schedule A deduction?

[JG EA]

They have different rules. Check them out in TTB. (for instance the Sch A deduction can't be for a whole different job.)

But if they qualify for both you can always try in each place and see what is best for your taxpayer.

A Credit is usually better than a deduction, but not always. Also, Tuition and Fees Deduction is sometimes better than the credit because they sometimes can't take the credit because of AGI.

[taxea]

Frequently it may just be a seminar that was attended or the class/es were not provided at a qualified educational facility...in which case the deduction would go on the 2106. taxea

[dtlee]

This two-page chart sn't detailed but I put this together for my use since the requirements for some of these benefits look too much alike for me. Hopefully, it will give you an idea of what the differences are and you can research them in greater detail if you need to:

EducationBenefitComparison

[JG EA]

Thank you for sharing all your hard work!!

[MariaR08]

I SECOND THAT!

Thank you very much for sharing! Appreciate it!

~Maria

Maria, CRTP

This two-page chart sn't detailed but I put this together for my use since the requirements for some of these benefits look too much alike for me. Hopefully, it will give you an idea of what the differences are and you can research them in greater detail if you need to:

EducationBenefitComparison

[wv112]

Thanks for your work and for posting it to share with the rest of us.

[DaveO]

Nice Chart thanks!

In response to the original question the deduction on Schedule "A" while subject to 2% of agi limitation isn't phased out by income. More expenses are allowable for the deduction as well. Travel, books and lodging in addition to tution and fees. For higher income tp's it may be there only choice.

[BP.]

I put this together

EducationBenefitComparison

What a nicely constructed chart, Doug, and how gracious of you to share.
Cheers!
Barb

[S T]

Chart

Doug, Thank you so much for sharing.

Sandy

[taxea]

Doug you are what this forum is all about. Mahalo Nui taxea

[Lion]

Great

Great chart. Thank you very much for sharing!