I took one DANTES and two CLEP tests this summer to gain credits toward my online Bachelor's degree at Baker College. Does anyone know if I can include the fees on my 2006 IRS return in the Lifetime Learning Credit section? How about the separate fees charged by the local technical college, where I took the exams? Thanks in advance, Lynette Brege Bachelor in Computer Information Systems Baker College September, 2007
I think you only get about 10 percent (with a maximum). We spent $20,200 on my wife's law school in 2006 and about $10,000 for my MBA and recoeved only a $2,000 credit. I used Turbo Tax and it did all of the calculations. The credit has to do with the lifetime amount you have written off. Also it is only good for educational expenses that are towards a degree that will enhance your professional career. I recomend Turbo Tax, just answer the interview questions. After you are done you can hire a CPA to do a quick review inexpensively. This is what we have done for several years. Jon
You can check out the requirements for the lifetime learning credit here: http://www.irs.gov/pub/irs-pdf/f8863.pdf