Question: What is a lifetime learning credit?
The lifetime learning credit is a nonrefundable tax credit with a per family dollar limit that is available for qualified tuition and related expenses of higher education, whether the student is at the undergraduate or graduate level.
- The lifetime learning credit is calculated by taking 20% of the first $10,000 of the qualified educational expenses paid for all eligible students.
- Publication 970, Tax Benefits for Education
- Form 8863 (.pdf), Education Credits (American Opportunity and Lifetime Learning Credits)
Category: Child Care Credit, Other Credits
Subcategory: Education Credits