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This credit is not refundable, so you must have a tax liability to claim this credit

This credit is not refundable, so you must have a tax liability to claim this credit

The Lifetime Learning Credit (LLC) can be claimed by a parent or spouse if they claim an eligible student as a dependent or the student can claim the LLC themselves if no one else claims them as a dependent.

Who Is Eligible

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An eligible student has to be taking courses at an eligible educational institution, working to improve job skills, obtaining a degree or certification, and must be enrolled in at least one academic period that began in the tax year. If you are internet payday loans New Jersey claiming the AOTC, you cannot claim the LLC. To claim the full credit, your MAGI must be $52,000 or less for single filers or $104,000 or less for married filing jointly filers

What Qualifies

The LLC allows you to claim 20 percent of the first $10,000 of qualified education expenses as a tax credit per taxpayer. For this credit, qualified education expenses include tuition, fees, student activity fees that all students must pay and other related expenses for eligible students. These expenses must be required for enrollment or attendance at an eligible educational institution to qualify. Living expenses such as room and board, insurance, and transportation do not qualify for the LLC. Read more