The Lifetime Learning Credit allows up to $2,000 of credit for a student enrolled in at least one course throughout the tax year. The course can be in pursuit of a secondary education credential or simply to improve job skills.
Qualified educational expenses must incur in a qualified educational institution and you must meet the following conditions:
- Paid qualified education expenses of higher education.
- You paid the education expenses for an eligible student.
- The eligible student is yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.
- Limited to one education credit per student on a return.
- Cannot claim the Lifetime Learning Credit and the Hope Credit for a single student in one tax year
- Enrolled and attended the institution’s academic periods
To qualify for the Lifetime Learning Credit, your modified adjusted gross income (MAGI) must be
- Single: $66,000 or less
- Married Filing Jointly: $132,000 or less
- You are not eligible for the credit if your income exceeds $66,000 ($132,000 for joint filers).
Our system automatically determines if the Lifetime Learning credit can be applied, or if it would be in your best interest to claim the Education Credit or Hope Credit.