A credit for up to $2,000 per year to pay for qualified tuition and required enrollment fees at an eligible educational institution for you, your spouse or a dependent, if your modified adjusted gross income (MAGI) is $65,000 or less ($130,000 or less for married filing jointly). You cannot claim this credit for a student, if you claimed the American Opportunity Tax Credit for that student.
To claim a Lifetime Learning Credit, you must meet all three of the following:
1.You, your dependent or a third party pay qualified education expenses for higher education
2.You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution
3.The eligible student is yourself, your spouse or a dependent you listed on your tax return.
To be eligible for LLC, the student must: Be enrolled or taking courses at an eligible educational institution, Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills, Be enrolled for at least one academic period beginning in the tax year.
Academic Period can be semesters, trimesters, quarters or any other period of study such as a summer school session. Academic periods are determined by the school. For schools that use clock or credit hours and do not have academic terms, the payment period may be treated as an academic period.
To claim the full credit, your MAGI, modified adjusted gross income must be $55,000 or less or $110,000 or less if you are married and filing jointly. If your MAGI is over $55,000 but less than $65,000 (over $110,000 but less than $130,000 for married filing jointly), you receive a reduced amount of the credit. If your MAGI is over $65,000 ($130,000 for joint filers), you cannot claim the credit.
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