Lifetime Learning Credit

Lifetime Learning Credit

The Lifetime Learning credit is an actual tax credit (as opposed to a deduction) available to individuals who file a tax return. This means the amount of the credit is subtracted from the taxes your family owes.

Your family may claim a tax credit of 20% of qualified expenses up to $2,000 per tax year. The Lifetime Learning credit is available for all years of post-secondary education and for courses to acquire or improve job skills. Unlike the Hope credit (which is only available for two years) the Lifetime credit is available for an unlimited number of years.

An eligible student may be enrolled in an eligible program leading to an undergraduate or graduate degree OR may be enrolled in a course of instruction to acquire/improve the student’s job skills during the calendar year. You may claim the credit yourself if you are not claimed as a dependent by another taxpayer.

The University will mail an IRS Form 1098-T to the student’s home address each year for your use in claiming the Lifetime Learning credit. There are income limits for claiming the Lifetime Learning credit. Please consult the IRS or your tax advisor for further details.