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Lifetime Learning Cr/ vs. Employee Educational Expenses

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    Lifetime Learning Cr/ vs. Employee Educational Expenses

    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?

    #2
    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.
    JG

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      #3
      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
      Believe nothing you have not personally researched and verified.

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        #4
        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
        Doug

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          #5
          Thank you for sharing all your hard work!!
          JG

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            #6
            I SECOND THAT!

            Thank you very much for sharing! Appreciate it!

            ~Maria

            Maria, CRTP

            Originally posted by dtlee View Post
            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
            Maria R., CRTP
            Los Angeles, CA
            Software Used: ProSeries since 2008

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              #7
              Thanks for your work and for posting it to share with the rest of us.

              Comment


                #8
                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.
                In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
                Alexis de Tocqueville

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                  #9
                  Originally posted by dtlee View Post

                  I put this together

                  EducationBenefitComparison
                  What a nicely constructed chart, Doug, and how gracious of you to share.
                  Cheers!
                  Barb
                  Last edited by BP.; 01-22-2009, 03:24 PM.

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                    #10
                    Chart

                    Doug, Thank you so much for sharing.

                    Sandy

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                      #11
                      Doug you are what this forum is all about. Mahalo Nui taxea
                      Believe nothing you have not personally researched and verified.

                      Comment


                        #12
                        Great

                        Great chart. Thank you very much for sharing!

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