Definition
The Lifetime Learning Credit is an education credit for tuition and related expenses, available beyond the first four years and for part-time study.
How It Works
It provides a credit equal to a percentage of qualified education expenses per return, not per student, and phases out above income thresholds.
Example
A working professional taking graduate courses claims the credit on qualifying tuition.
Who It Applies To
Taxpayers paying for higher education, including continuing or graduate study.
Watch-Outs
Income phase-outs limit availability for high earners, and it cannot be combined with the American Opportunity Credit for the same student in the same year.
