Question: What is the lifetime learning credit?
The lifetime learning credit is a nonrefundable tax credit with a per-family dollar limit that's available for qualified tuition and related expenses of higher education, whether the student is at the undergraduate or graduate level.
You calculate the lifetime learning credit by taking 20% of the first $10,000 of the qualified educational expenses paid for all eligible students. For a taxpayer with high modified adjusted gross income, a phaseout may apply.
- Publication 970, Tax Benefits for Education
- Am I Eligible to Claim an Education Credit?
- Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits)
Category: Childcare Credit, Other Credits
Subcategory: Education Credits