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What is the Lifetime Learning Credit?

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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 AGI is between $52,000 and $62,000 ($104,000 and $124,000 if you file a joint return). You cannot claim a credit if your AGI is $62,000 or more ($124,000 or more if you file a joint return).


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Views: 1554 Created on: Jun 15, 2013
Date updated: Aug 06, 2015

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