Lifetime Learning Tax Credit Facts

Money/Finances - Tax

By: Ellie     23-Mar-2011

Introduction:

Lifetime Learning Tax Credits can work well for families or students who do not qualify for the American Opportunity Tax Credit (linked below). Here is a major breakdown of the benefits and qualifications for this tuition tax credit.

Tax Credit Amount

The Lifetime Learning Tax Credit is worth $2,000 per year. This is the amount that students, or parents who are financing a student's college education, can subtract from the total amount of income tax that they must pay. There is no eligibility for receiving a tax refund if the amount of the tax credit exceeds the amount of income tax due.

Income Requirements

For single individuals, an income of $60,000 or less for the 2011 year is required to be eligible for the tax credit; for married individuals, the cut-off is $120,000 if filing jointly for the 2011 year.

Enrollment

Students must be enrolled in recognized academic program, however, there are no requirements for course load or graduation date. This means that the tax credit is available for as long as the student is in some form of college program.

Other Legal Requirements

Students are allowed to receive the tax credit even if they have drug convictions, unlike with the American Opportunity Tax Credit. Parents must still submit proof that they are financing educational costs to receive the tax credit.

Stipulations

The Lifetime Learning Tax Credit cannot be claimed for a student who is already receiving an American Opportunity Tax Credit. Families can claim both tuition tax credits, however, if they have more than one child enrolled in college.




Final Thoughts

See below for more information about the different tuition tax credits available.


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Comments

  • Katie 6/2/2011

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    As a tax pro at HR Block I like you list! All of the education credits can be confusing (the Life Time Learning credit might not be your best credit to take - depending on your situation) so be sure to ask a professional for their opinion before you file

  • cuteordeath 3/23/2011

    Flag This Comment

    I'm sooo glad I found out about this. :D It's a great break for students. ^^

  • litetender 3/23/2011

    Flag This Comment

    More good info! Thank you, Ellie!


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