 | Lifetime Learning Credit |
Have you wanted to improve your job skills or start a new career as a
brain surgeon or a tree surgeon, but you didn't have enough money? Well, Uncle
Sam is offering you some help with a Lifetime Learning Credit. This Credit
became effective on July 1, 1998, for qualified tuition expenses paid on or after that date.
You may take a 20% credit on the first $5,000 of out-of-pocket expenses
for tuition; however, the credit may not exceed $1,000 for your entire family.
The learning must occur at a qualifying post-secondary school (e.g.,
college or vocational school), but you do not have to attend full-time. There are
no limits as to the number of years in which this Credit may be claimed. No
double-dipping with the Hope Scholarship Credit expenses is permitted.
Naturally, there are income restrictions and some other governmental hurdles to
overcome, so see your tax consultant or visit the web site at
http://www.irs.ustreas.gov/plain/hot/not97-602.html
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Into Thick Air 
