The proceeds of student and parent loans flowing through the student's account are considered payments by the taxpayer and are therefore considered eligible payments. Instructions accompanying the 2001 tax forms will explain how to calculate the credit and how to claim it on the tax return. It is not intended as tax advice. Please see your tax advisor for more information . Taxpayer who is claiming the student as a dependent and has paid qualified educational expenses for a student.
Credit is available for as many students who qualify per taxpayer.
Taxpayers claiming students as dependents are entitled to the full credit earned even if they do not pay all the qualified expenses for the student. Students, if they are not claimed as a dependent on another taxpayer's return. The upper limits will be adjusted for inflation after 2001. The credit can be claimed only for two tax years. DePaul fees considered qualified expenses include registration, lab and material fees.