Graduate students are eligible for a tax credit on part of the money they paid for academic expenses (tuition, some required fees, lab fees). The tax credit is called the Lifetime Learning Credit. It allows students to receive a 20% tax credit on their academic expenses (up to a maximum of $2000 credit per year, per family).

To claim this credit, you MUST file a Form 8863 when you file your income tax. Also, you must file either Form 1040 or Form 1040A (not Form 1040EZ).

View or download the relevant forms and publications from the IRS website:
Notice 97-60 (Lifetime Learning Credit)
Topic 605 (Education Credits)
Publication 970 (2004) (Tax Benefits for Education)
Forms and Instructions (Student's Guide to Federal Income Tax)
New Mexico State Tax (Link to State of New Mexico Taxation & Revenue Department)

The information provided on the GSA web page is only intended to make students aware of the tax credit and how to claim it. Some of the information on this web page may be out of date or otherwise incorrect. Please consult the IRS publications and instructions for accurate information. Also, please verify that the information you find is for the correct tax year.

Last Update: Fall 2008