The Lifetime Learning Credit is a nonrefundable tax credit of up to $2,000 for higher education expenses for students that are not eligible to claim the American Opportunity Credit.
This video goes into how you determine you are eligible for the credit, and how the credit is calculated and reported.
2023 UPDATE:
As a result of the elimination of the Tuition and Fees Deduction, the AGI phaseout amounts to claim the Lifetime Learning Credit have been substantially increased.
S/HOH: $80,000 $90,000. MFJ: $160,000 $180,000
You may want to watch the video on the American Opportunity Credit first, since many aspects of the Lifetime Learning Credit are similar.
You can do that by clicking here: • The American Opportunity Credit (or t...
Information and Resources:
IRS Publication 970: "Tax Benefits for Education": https://www.irs.gov/pub/irspdf/p970.pdf
IRS Form 1098T: "Tuition Statement": https://www.irs.gov/pub/irspdf/f1098...
IRS Form 8863: "Education Credits": https://www.irs.gov/pub/irspdf/f8863...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Intro and background music: “Bluesy Vibes” Doug Maxwell YouTube Audio Library
DISCLAIMER:
The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community.
The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.