Lifetime Learning Credit

The Lifetime Learning Credit is a federal income tax credit program. Eligible students (must be enrolled in at least one course) may be able to claim a Lifetime Learning Credit of up to $2000 for qualified educational expenses. This credit is available for all years of a college education. Single filers who have a modified adjustment gross income of $53,000 or more (joint filers with a modified adjusted gross income of $107,000) are phased out of this credit.

Students and parents with questions about these tax credits should consult their income tax accountant or in the Internal Revenue Service (IRS) Publication 970.