Lifetime Learning Tax Credit
The Lifetime Learning Tax Credit is a tax credit available to individuals who are enrolled in post-secondary education courses to improve or acquire job skills. This credit is designed to help offset the costs of tuition and related expenses for eligible students.
The credit can be claimed for an unlimited number of years and covers up to 20% of the first $10,000 of qualified education expenses per tax return, resulting in a maximum credit of $2,000. Eligible expenses include tuition, fees, and course materials required for enrollment. Unlike the American Opportunity Tax Credit, the Lifetime Learning Tax Credit is not limited to students pursuing a degree and can be claimed for a variety of educational courses, including non-degree programs.
To qualify for the credit, the taxpayer’s modified adjusted gross income (MAGI) must fall below certain thresholds, and the student must be enrolled in at least one course at an eligible educational institution.
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