It is similar to the hope credit in that you must be enrolled in a post-secondary school. So I don't believe the AP classes qualify.
answered 16 Feb '10, 16:22
Is the student paying tuition to a higher education institution? If so, then I think it is an eligible education expense for AOC, Hope, Lifetime Learning or deduction.
An eligible higher education institution is defined as one that participates in the Federal student loan program.
When my son was taking concurrent credit classes, he was enrolled in high school, but he was also enrolled at the University.
Don't mean to be contrary, Jayson. I'd be glad to hear arguments I haven't thought of.
answered 16 Feb '10, 18:38
Lance W Gure...
I'm in agreement with Lance. I believe as long as the expenditure was paid for Higher Education & the credits will be transfered to the college where the student will attend, the expenditure is eligible for AOC. Ex. My son enrolled in High School took AP courses from Syracuse University will transfer these credits to Penn State University where he will be attending this year.
answered 16 Feb '10, 19:11
It's a year later, and there have been changes to the education deductions. For one, the HOPE credit is gone. So, here's my answer for 2010 deductions.
After researching this online and speaking with an IRS rep, I believe that the deduction for the LLC is the only allowable one. Also, in preparing my taxes with TaxAct, this was the only one of the education deductions that the program computed.
As one poster properly pointed out, in order to eligible for the AOC "For at least one academic period beginning in 2010, the student was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential." A high school student would therefore not qualify.
And in order to take the Tuition and Fees deduction, you must have a high school diploma or GED.
But anyone who wishes to take advantage of a deduction in this type of situation should still explore this on their own and not rely on the answers here as final. I point this out only because you had two CPAs post with different answers, which shows me that this is a gray area. Also, be aware that there are other qualifications to take these deductions, such as filing status, income, and even criminal records.
answered 17 Feb '11, 22:03