Lifetime Learning Credit
- May save a student or parent up to $2,000/year in federal taxes.
- 20% tax credit for the first $10,000 paid for qualified expenses.
- No limit on number of tax years you may claim Lifetime Learning Credit.
- Covers tuition and fees.
- Available for all years of postsecondary education and for courses to acquire or improve job skills.
- Students qualify by paying tuition and fees for self (if independent) or a spouse. Parents qualify by paying tuition and fees for their dependent child or children.
- Grants and tax-free parts of scholarships will reduce the tuition and fees used to determine your credit.
- Eligibility decreases for modified adjusted gross incomes between $47,000 - $57,000 (filing single) and $94,000 - $114,000 (married, filing jointly). Cannot claim with modified AGIs above these limits.
- Students or parents benefit from tax credits only to the extent that federal income taxes are owed. If no taxes are owed, no tax credit is received.
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