Question: What is a Lifetime Learning Credit?
The lifetime learning credit is a nonrefundable tax credit with a dollar limit per family 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 a percentage of the qualified educational expenses paid.
- 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