Do You Qualify for the Lifetime Learning Credit?

If you are a student, you may be eligible to receive the Lifetime Learning credit. The Lifetime Learning Credit is a tax credit that allows you to credit up to $2,000 from qualifying expenses. It was designed to help offset the cost of schooling by reducing the taxable income for those attending college. There is no time limit on the credit.

Qualifying

The Lifetime Learning Credit has specific criteria that have to be met. There are four areas that you need to meet in order to qualify for the Lifetime Learning credit. They are as follows: income limit, qualifying school, qualifying expenses, and qualifying students.

  • Income limit- your modified adjusted income must be less than $48,000 per year if you are single, or $96,000 if you are filing joint.
  • Qualifying School- your school must participate with the federal financial aid program.
  • Qualifying Expenses- these expenses are tuition, school supplies, equipment, and books.
  • Qualifying Students-you must be a US citizen or a resident alien of the U.S. to qualify.

If you do not meet all four the qualifying criteria, you are not eligible to take the Lifetime Learning credit. However, you may look at other education related credits to determine if you eligible to receive them.

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