Lifetime Learning Credit

Lifetime learning credit tax rules

The lifetime learning credit is not limited to students in the first 2 years of postsecondary education. the credit does not depend on the student's workload and there is no limit to the number of years you can take this credit.

What education expenses qualify for lifetime learning tax credit?

Education expenses are qualified for the lifetime learning credit if they are:

• for courses taken as part of a postsecondary degree program or

• for courses that are taken to improve or acquire job skills

Differences between Hope credit vs Lifetime learning credit

Unlike the Hope credit, the lifetime learning credit does not increase based on the number of students for whom you pay qualified expenses.

What is the amount of Lifetime learning credit?

The amount of the lifetime learning credit is 20% of the first $10,000 of qualified tuition you pay for all students in your family. That is the maximum credit is $2,000 ($10,000).

What is the lifetime learning credit for GOZ?

The lifetime learning credit rate for a GOZ student is 40% (instead of 20%) for a maximum credit of $4,000.