Lifetime Learning Credit
In 1998, the federal government provided another great tax break that college and university students and parents may qualify for – the Lifetime Learning Credit. Eligible taxpayers can claim a nonrefundable Lifetime Learning Credit against their federal income taxes. According to the U.S. Department of Education, “The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer’s family (i.e., the taxpayer, the taxpayer’s spouse, or an eligible dependent) who are enrolled in eligible educational institutions.” The credit amount individuals or families are able to file is equal to 20 percent of the taxpayer’s first $10,000 of out-of-pocket qualified tuition and related educational expenses. This applies to the taxpayer, the taxpayer’s spouse, or an eligible dependent that are enrolled in eligible educational institutions.
Referenced Source(s): Department of Education
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