SIMPLE. FAST. ACCURATE
Support Center > Knowledge base> Article: What is the Lifetime Learning Credit?

What is the Lifetime Learning Credit?

Article ID: 59826 Email Print
Question
What is the Lifetime Learning Credit?

Answer

The lifetime learning credit equals 20% of qualified expenses paid, up to a maximum of $10,000 of qualified expenses per return. Therefore, the maximum lifetime learning credit you can claim on your return for the year is $2,000, regardless of the number of students for whom you are claiming the credit. The amount of your credit is gradually reduced (phased out) if your MAGI is between $57,000 and $67,000 ($114,000 and $134,000 if you're married filing a joint return).

The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses--including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit.

 


related articles

Article Details
Views: 1090 Created on: Jun 15, 2013
Date updated: Dec 12, 2018
Posted in: Credits

Poor Outstanding