IRS Tax Code Benefits: Tuition Lifetime Learning Credit
11/13/19
There are certain credits or deductions you may be able to claim that could benefit your tax situation.
One such tax benefit is the tuition Lifetime Learning Credit.
What is a Lifetime Learning Credit?
The credit is a nonrefundable tax credit with a dollar limit per family that is available for qualified tuition and related expenses of higher education whether the student is at the undergraduate or graduate level, or seeking a professional degree or a student acquiring or improving their job skills.
The Lifetime Learning Credit is calculated by using a percentage of the qualified educational expenses that has been paid.
Please seek professional tax advice to determine whether you qualify for the Lifetime Learning Credit and to ensure you are receiving the maximum benefits allowed by law.
You can contact us at E.G. Edwards & Associates, (718) 949-5181, or eduzant@gmail.com
The Lifetime Learning Credit is calculated by using a percentage of the qualified educational expenses that has been paid.
- You can claim the Lifetime Learning Credit if you, your spouse, or any of your dependents are enrolled at an eligible educational institution; and if you were responsible for paying college costs.
- You must have made tuition and fee payments to a post-secondary school during the year.
- There is income and other restrictions, including is a collective cap on the total tax credit you can claim but this depends on your tax filing status.
Please seek professional tax advice to determine whether you qualify for the Lifetime Learning Credit and to ensure you are receiving the maximum benefits allowed by law.
You can contact us at E.G. Edwards & Associates, (718) 949-5181, or eduzant@gmail.com