Department Office Hours (May 24 - August 16):
Monday 8:00 am - 5:00 pm
Tuesday 8:00 am - 6:30 pm
Wednesday 8:00 am - 5:00 pm
Thursday 8:00 am - 5:00 pm
Friday 8:00 am - 1:00 pm
We are located in McSpedon
2nd floor, Room 201
Our phone number is 914.633.2497
The Lifetime Learning credit is a tax credit available to individuals who file a tax return and owe taxes. This means the amount of the credit is subtracted from the taxes your family owes, rather reducing taxable income like a tax deduction does. You can't get a refund for the Lifetime Learning credit if your family doesn't pay taxes. If your family owes less in taxes than the maximum amount of the Lifetime Learning tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes.
Your family may claim a tax credit up to $1,000 per tax year (until January 1, 2005) and up to $2,000 (after that date) for the taxpayer, taxpayer's spouse, or any eligible dependents for an unlimited number of tax years. A family may claim up to 20% of $5,000 of eligible expenses for expenses paid after June 30, 1998, and prior to January 1, 2005, and up to 20% of $10,000 of eligible expenses (for expenses paid after January 1, 2005), and after).
The actual amount of the credit depends on your family's income, the amount of qualified tuition and fees paid, and the amount of certain scholarships and allowances subtracted from tuition. This credit is family-based (e.g., $1,000 per family) rather than based on the number of dependents in your family like the Hope credit.
The Taxpayer: An eligible taxpayer must file a tax return and owe taxes to claim the credit. The taxpayer must also claim the eligible student as a dependent unless the credit is for the taxpayer or the taxpayer's spouse. (This means the eligible taxpayer may also be the eligible student.)
To apply for the credit, the taxpayer must report the amount of tuition and fees paid as well as the amount of certain scholarships, grants, and untaxed income used to pay the tuition and fees. The law specifies that schools will send this information in the form of a statement to individual taxpayers and to the IRS. By January 31 of the current year, you will receive a Form 1098-T which will include this information.
The taxpayer may claim the Lifetime Learning credit for qualified expenses paid in tax years beginning July 1, 1998, and after.
A family may claim a Lifetime Learning credit, a Hope credit, and an exclusion from gross income for certain distributions from qualified State tuition programs or education IRAs as long as the same student isn't used as the basis for each credit or exclusion AND the family doesn't exceed the Lifetime Learning maximum per family.
Print your own enrollment verifications online via PeopleSoft. Read More »
Iona College is pleased to announce that a new Citibank ATM has been installed on the ground floor of the LaPenta Student Union Building, outside of the vending area. If you are a Citibank account holder there is no charge for using this ATM. Non-Citibank account holders will be charged a $2.00 per transaction fee by Citibank and any applicable fee assessed by their banking institution.