Lifetime Learning Educational Tax Credit

The Lifetime Learning education credit is for qualified tuition for eligible students who have attended an educational institution.

AMOUNT OF EDUCATIONAL CREDIT

The credit for qualified educational expenses paid to an institution for higher education is up to $2,000 to offset you income tax liability.

QUALIFIED EDUCATIONAL EXPENSES

Qualified expenses include not only tuition, but also student activity fees, books, supplies, and equipment.

WHO CLAIMS THE LIFETIME LEARNING EDUCATIONAL TAX CREDIT

You can claim the educational credit for yourself, your spouse, or your dependent.

CREDIT LIMITATIONS

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Lower than $127,000 if married filling jointly;
Lower than $63,000 if single, head of household, or qualifying widow(er)

If your filing status is married filing separately, you can not claim the credit. You also can’t take the credit if you are a nonresident alien, or took the American Opportunity credit or the tuition and fees deduction for the same student.

The amount of credit is limited to your income tax liability meaning it is a nonrefundable credit.

The Lifetime Learning educational tax credit can be taken for an unlimited number of years and you do not have to be studying for a degree.