Lifetime Learning Credit

The Lifetime Learning Credit can help offset some of the expenses of continuing your education.  The Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of up to $2,000 on the first $10,000 of college tuition and fees. You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses.  All accredited colleges and universities are eligible educational institutions. Additionally, vocational schools (think mechanic or IT schooling) and other postsecondary institutions are also eligible.

 Am I eligible?

You may claim the Lifetime Learning Credit for qualifying courses at the undergraduate, graduate or professional level.

If your income exceeds the phase-out range, you are not eligible to claim any education tax credits.  Here are the income ranges:

·         $48,000 to $58,000 : Single, Head of Household

·         $96,000 to $116,000 : Married Filing Jointly

Most tax-preparation sites will remind you of this credit, but for you students out there, don’t forget about it!