Lifetime Learning Credit

If a taxpayer, spouse, or dependent is a student, the taxpayer may be eligible for a nonrefundable credit of up to $2,000 (20% of the first $10,000 of qualified tuition and expenses). The credit is allowed for an unlimited number of years per taxpayer basis. It covers all 4 years of post-secondary education as well as graduate school and courses to improve job skills. There is a phase out for taxpayers with modified adjusted gross income above $57,000 ($114,00 married filing joint).

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