Important Change for 2002

Lifetime learning credit and distribution from Coverdell ESA or QTP. Beginning in 2002, you may be able to claim a lifetime learning credit in the same year in which you receive a distribution from either a Coverdell education savings account (ESA), formerly called an education IRA, or a qualified tuition program (QTP). You cannot use expenses paid with a distribution from either a Coverdell ESA or a QTP as the basis for the lifetime learning credit. For more information about changes to the rules for Coverdell ESAs and new rules for QTPs, see Publication 553.

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