Tax Provisions

AJCU has worked extensively to maintain a number of tax provisions that have been important to our Jesuit institutions and to higher education throughout the years. By providing tax credits, deductions, and other benefits, primarily to middle class families, most of these provisions have assisted students and parents in offsetting the cost of higher education. Other provisions have benefited our institutions by incentivizing donations and by supporting research and development at our colleges and universities. For this reason, AJCU will continue to support the preservation of the following tax provisions:

Select Provision Described:

Under the Lifetime Learning Credit, individuals are able to make a claim up to $2,000 per tax year for the qualifying expenses of students attending eligible institutions. There is no limit on the number of years that this credit can be claimed but, an individual cannot claim both the American Opportunity Tax Credit and the Lifetime Learning Credit for a student in the same year. 

Maximum Credit: Up to $2,000 credit per return

Limit on modified adjusted gross income (MAGI): $127,000 for married couples filing jointly; $63,000 for single, head of households

Number of tax year credits available: Unlimited amount of years

Number of courses: Available for no more than one course

Qualified Expenses: Tuition and fees required for enrollment or attendance (includes books and supplies to be paid to the institution)

Amount of credit you are eligible for: 20% of the first $10,000 of qualified education expense paid for all eligible students 

Information from the IRS Publication 970, “Tax Benefits for Education.” More information can be found in the Publication.