Lifetime Learning Credit
Lifetime Learning Credit allows you to take a tax credit if you do not qualify for the American Opportunity Credit. Adults returning to college and students attending less than half-time are eligible for the tax credit. The tax credit allows for a maximum of $2,000 (20% of $10,000) for qualified expenses.
Single filers over $60,000 in income and joint filers over $120,000 are ineligible for the Lifetime Learning tax credit. Taxpayers filing married and separate are not eligible. The Lifetime Learning Credit may not be claimed during the same year as the Hope Scholarship Credit.
| Maximum credit | Up to $2,000 ($4,000 if a student in a Midwestern disaster area) credit per return. |
| Limit on modified adjusted gross income (MAGI) | $132,000 if married filing jointly; $66,000 if single, head of household, or qualifying widow(er). |
| Refundable or nonrefundable | |
| Number of years of postsecondary education | Available for all years of postsecondary and for courses to acquire or improve job skills. |
| Number of tax years credit available | Available for an unlimited number of years. |
| Type of degree required | Student does not need to be pursuing a degree or other recognized education credentials. |
| Number of courses | Available for one or more courses. |
| Felony drug conviction | Felony drug convictions doesn’t make the student ineligible. |
| Qualified expenses | Tuition, required enrollment fees, and course-related books, supplies and equipment. |
| Payments for academic periods | Payments made in 2018 for academic periods beginning in 2018 and in the first 3 months of 2019. |