You may claim a Lifetime Learning Credit for your own tuition and related expenses or for your spouse or your child tuition and related expenses.
The credit is equal to 20% of the taxpayer’s expenses (not to exceed $10,000).
Lifetime Learning Credit Eligibility
Only one individual (qualifying student) in the family is eligible for this credit.
This credit is calculated per family, not per child. Even if you claim more than one student in the family, the maximum tax credit of 20% of the expenses does not change.
The maximum amount of the adjusted gross income, if you are single, is $80,000 or less. For married couples, filing joint return, the income limit is $160,000.
Tax News Updates:
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I am using lifetime learning credit which is suppose to be no more ...
I am using lifetime learning credit which is suppose to be no more than $2000, but Turbo is crediting $2080.00. How is it allowing the extra $80.00?
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There are several education tax benefits you may be eligible to claim. They include the American Opportunity Credit, the Lifetime Learning Credit and the Tuition and Fees Deduction. The details for claiming these credits can be found in IRS Publication ...
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