Technology Tax Credits
July 28th, 2008
Question: If a company offers educational reimbursement, can I still use the Lifetime Learning Credit on my tax return?
I was reimbursed for TUITION and BOOKS only, and I’ve spent a lot more money on fees (registration, technology etc. )(over $1000). I’m wondering if I can use the Lifetime Learning credit in this situation ? LLC is clearly applicable to fees, tuition, and books, according to the IRS.
Answer: Tuition and fees are eligible expenses. Books and supplies usually are not – they’re only eligible if they MUST be purchased FROM THE INSTITUTION as a condition of enrollment or attendance. Books that you purchase from the school bookstore are not eligible expenses. Books and supplies only count if their cost is basically rolled into the tuition and course fees charges. Read the IRS instructions carefully, and read the examples regarding books and supplies.
You should be able to use the Lifetime Learning Credit for your course fees, though, since they were not reimbursed. You can’t, of course, claim the credit for anything you were reimbursed for.
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Tags: energy, environment, green, green technology tax credits, tax, technology