Lifetime Learning Credit in combo with AOC

[AZ-Tax]

Ok, TP’s spouse already completed 4 yrs of post secondary school (bachelor’s degree). In 2010 working on MBA. TP send me his 2010 tax return prepared by another tax preparer. The tax returns used both Lifetime learning Cr and AOC Cr for spouse. Upon reading the pg 12-2 of TTB, I understood it to say AOC only qualifies for first 4 yrs of higher education and also in TTB (cannot remember where), those 4 yrs need to be post high school. Assuming the spouse never claim any Ed credits for her yrs that lead to a bachelor's degree, can spouse take them now. Basically, I am confused.

[spanel]

I know you cannot take both credit at the same time.. also is says not enrolled in elementary or secondary school...

"the student did not complete the first four years of postsecondary education before 2010."

All on page 12-3.

Your right.. the spouse cannot take AOC for several reasons.

chris

[Kram BergGold]

One point

Let's say the spouse finished undergraduate in May 2010 and started graduate school in Sep 2010. The way I understand this situation is you can treat all payments as eligible for AOC. I read this somewhere last tax season.

[Burke]

Assuming the spouse never claim any Ed credits for her yrs that lead to a bachelor's degree, can spouse take them now. Basically, I am confused.

As far as I know, the only way she could take them now is to go back and amend the appropriate years in which she would have qualified for any credits. They don't carry over.