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My wife is going to law school part-time at night, and my son is in his first year at Texas Tech. Can I take both the Lifetime Learning Credit and the Hope Scholarship Credit this year?

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My wife is going to law school part-time at night, and my son is in his first year at Texas Tech. Can I take both the Lifetime Learning Credit and the Hope Scholarship Credit this year?

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You can take both the Hope and Lifetime Learning Credits in the same year if your wife qualifies for the Lifetime Learning Credit and your son qualifies for the Hope Scholarship Credit. You cannot take both the Hope and Lifetime Learning Credits for the same student in the same tax year. However, you now can take the Hope and Lifetime Learning Credits in the same year that you take a distribution from an Education IRA or make a tax-free withdrawal from a state-sponsored Section 529 plan. Just be sure that the distribution isn’t used for the same expenses for which the credit is claimed.

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