Tax Credit on a Learning Vacation??
Each year, an increasing number of travelers take language-learning vacations. What these travelers may not realize is that under the Lifetime Learning Tax credit a portion of their language learning vacation could count as a credit on their income tax.
(PRWEB) July 24, 2002
Each year, an increasing number of travelers take language-learning vacations. These are people who have decided to expand their horizons and learn another language. They are all ages from students, to working professionals to retirees. Typically, they embark on a journey to a foreign country where their language of choice is the native language. They study at a local language school for foreigners and stay with host families in what is called an “immersion” experience. They are living the language and culture inside and outside of the classroom and are taught many lessons on a cultural level and on a language level. What these travelers may not realize is that under the Lifetime Learning Tax credit a portion of their language learning vacation could count as a credit on their income tax.
“We have had quite a few participants over the past two years contact us after their language vacation to provide proof of their enrollment in our language immersion programs to get the Lifetime Learning Credit. Normally, these participants have also arranged to obtain academic credit for their language course either on their own, or through our options. Many times, teachers and other working professionals have been able to use the academic credit towards education credits that are a required part of their job. Ultimately, even if they don’t qualify for the tax credit they are always enthusiastic about their learning vacation experience.” says Dorioara Pinku, CEO of AmeriSpan Unlimited, a provider of Language Learning vacations to Latin America and Spain.
According to the IRS under 2001 tax laws, “The Lifetime Leaning Credit is not limited to students in the first two years of postsecondary education. It is a nonrefundable tax credit up to $1,000 per family for all undergraduate and graduate level education. The amount of your lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income is between $40,00 and $50,000 ($80,000 and $100,000 if you file a joint return). You cannot claim a lifetime learning credit if your modified gross income is $50,000 or more ($100,000 or more if you file a joint return).”
For more information on the Lifetime Learning Credit, visit http://www. irs. gov (http://www. irs. gov)
For more information on Spanish & Portuguese Language Learning vacations, contact AmeriSpan Unlimited at 1-800-879-6640 or http://www. amerispan. com (http://www. amerispan. com)
For information on Language Learning vacations for languages on six continents, contact Languages Abroad at 1-800-219-9924 or http://www. languagesabroad. com (http://www. languagesabroad. com)
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