Lifetime Learning Credit for College Tuition
By on May 19, 2009
The lifetime learning credit provides a tax credit of 20% of up to $10,000, or up to $2,000, of qualified expenses per taxpayer per year. It is available for all years of post-secondary education and for courses taken to acquire or improve job skills. This credit is available even if the student is enrolled in just one course at an eligible institution. There is no limit on the number of years the lifetime learning credit can be claimed for each student.
Generally, the same expenses that either qualify or do not qualify for the Hope credit apply to the lifetime learning credit. See the summary of these expenses in the Hope credit summary above. Additionally, the same prohibited actions for the Hope credit applies to the lifetime learning credit.
You cannot claim the Hope and the lifetime learning credit for the same student in the same year. To claim the Hope Credit or Lifetime Learning Credit, complete IRS Form 8863.
