What is the Lifetime Learning Credit, and can I claim it?
You could get a credit of up to $2,000 for qualified education expenses paid during the year. You might be able to claim the credit if the American Opportunity Credit isn't claimed for that student. The credit is 20% of qualified expenses, up to $10,000, giving you a total allowable credit of $2,000.
An eligible student can be you, your spouse, or a qualifying dependent. Qualified expenses cover all undergraduate and graduate level education. The credit phases out for higher income returns. It completely phases out for for Married Filing Jointly taxpayers with modified adjusted gross income over $180,000. For Single, Head of Household, or Qualifying Surviving Spouse taxpayers, the credit phases out entirely with modified adjusted gross income greater than $90,000.
An eligible student can be you, your spouse, or a qualifying dependent. Qualified expenses cover all undergraduate and graduate level education. The credit phases out for higher income returns. It completely phases out for for Married Filing Jointly taxpayers with modified adjusted gross income over $180,000. For Single, Head of Household, or Qualifying Surviving Spouse taxpayers, the credit phases out entirely with modified adjusted gross income greater than $90,000.
