What is Lifetime learning credit?
In short
The lifetime learning credit is a nonrefundable education credit equal to 20% of up to $10,000 of qualified tuition and related expenses, a maximum of $2,000 per return, for any year of postsecondary education.
Key takeaways
- Unlike the American opportunity credit, it has no limit on the number of years and no half-time enrollment requirement.
- Both credits can't be claimed for the same student in the same year.
- It phases out at higher levels of modified adjusted gross income.
Where it's tested
REG: Filing Status, Credits & Alternative Minimum Tax — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Which education credit is partially refundable?