The
lifetime learning credit is a tax credit that may be available
to
you if you pay higher education costs. You may be able to
claim a lifetime learning credit for qualified tuition and
related expenses paid for all students enrolled in eligible
educational institutions. There is no limit on the number
of years for which the lifetime learning credit can be claimed
for each student.
For purposes of the lifetime learning credit, an eligible
student is a student defined as a student enrolled in one
or more courses at an eligible educational institution.
Generally, the credit is allowed
for tuition and fees required for enrollment or attendance
at an eligible educational
institution. These tuition and fees generally should have
been paid in the current tax year for an academic period beginning in the current tax year or in the first three (3) months following the current tax year.
For additional information on the lifetime
learning credit, please refer to:
IRS
Publication 970 - Tax Benefits for Higher Education (link
opens new browser window)
IRS
Taxpayer Help and Education – Frequently Asked
Tax Questions and Answers (link opens new browser window)
This information is not intended
as legal or tax advice. Individuals should obtain IRS
Publication 970, Tax Benefits for Higher Education, or
contact a tax advisor about personal income tax situations.