Tax Information

Understanding the Lifetime Learning Tax Credit

The Lifetime Learning tax credit is available for all students who do not claim a HOPE tax credit. This credit is equals 20% of the first $5,000 in tuition paid or a maximum credit of $1,000. After the year 2002, this amount increase to 20% of the first $10,000 paid ($2,000 maximum). The tax credit must be claimed in the year or the first three months of the next year. This credit is gradually reduced for students with an adjusted gross income between $40,000 and $50,000 ($80,000 and $100,000 for married taxpayers filing jointly).

As an eligible education institution that receives qualified tuition and related expenses on your behalf, Luther Seminary furnishes a 1098-T Tuition Payments Statement to applicable students. This statement is sent by January 31st of each year to the student's permanent address.