The Lifetime Learning Credit can help offset some of the expenses of continuing your education.
Am I eligible?
Unlike the Hope Credit, which can be claimed only during the first 2 academic years, you may claim the Lifetime Learning Credit for qualifying courses at the undergraduate, graduate or professional level. Your MAGI must be $48,000 ($96,000 if Married Filing Jointly) or less to claim the full credit. You can't claim the credit if you're Married Filing Separately.
How much Lifetime Learning Credit can I claim?
Whether you attend an eligible institution on a full- or part-time basis, the credit is 20% of the first $10,000 (up to $2,000 per return) you pay for eligible students in your family. The amount of your credit is reduced if your MAGI is between $48,000 and $58,000 (between $96,000 and $116,000 if you're Married Filing Jointly). You may use the credit on a yearly basis, and it can even be applied to expenses you pay during 2008 for an academic period that begins in the first 3 months of 2009.
Note: For students attending an eligible institution in a Midwestern disaster area, the maximum credit for 2008 and 2009 is 40% of the first $10,000 of eligible expenses — up to $4,000 per return.
Lifetime Learning Credit Tips
- The Hope and Lifetime Learning Credits can't be used for the same student.
- You can claim a Hope Credit for each qualifying student and a Lifetime Learning Credit for a different student's qualifying expenses, but you can't claim both credits for 1 student.
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