{"id":54280,"date":"2020-11-20T13:02:54","date_gmt":"2020-11-20T19:02:54","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=54280"},"modified":"2025-02-05T14:49:25","modified_gmt":"2025-02-05T20:49:25","slug":"lifetime-learning-credit","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/credits\/lifetime-learning-credit\/","title":{"rendered":"Lifetime Learning Credit"},"content":{"rendered":"\n

College courses can broaden your horizons\u2014but affording college costs while still making ends meet may seem impossible for the majority of Americans. If that sounds like you, we\u2019ve got good news: With the Lifetime Learning Credit (LLC), the IRS allows you to claim up to $2,000 for qualified education expenses (QEEs) for yourself, your spouse, or a dependent.<\/strong><\/p>\n\n\n

\n
\"Lifetime<\/figure><\/div>\n\n\n

Hold on, though\u2014before you rush out to enroll in that pottery class you\u2019ve been itching to take, you should know that there are qualifications you and your educational institution have to meet in order for you to claim the credit. They\u2019re pretty specific, so we\u2019ll guide you through the basics of what you should know in order to qualify and claim the lifetime learning credit.<\/p>\n\n\n\n

Have other student tax filing questions?<\/em><\/strong>\u00a0Be sure to visit our Tax Guide for College Students<\/a> and find out about student forms that can be filed for free. \u00a0<\/em><\/p>\n\n\n\n

Nuts and bolts of the Lifetime Learning Tax Credit<\/h2>\n\n\n\n

First things first\u2014exactly what is<\/em><\/strong> the lifetime learning tax credit? The concept is pretty simple, really\u2014if you are enrolled in one or more courses at an eligible post-secondary educational institution, you can receive up to $2,000 as a dollar-for-dollar credit on expenses paid. However, the IRS is pretty explicit on what expenses qualify for the lifetime learning credit and who is eligible.\u00a0<\/p>\n\n\n\n

Lifetime Learning Credit requirements and eligibility<\/h3>\n\n\n\n

To qualify for the Lifetime Learning Credit, you must meet requirements regarding your student status, educational institution, and expenses you want to claim. <\/p>\n\n\n\n

An eligible institution<\/strong> is a post-secondary educational institution (including colleges, universities, vocational schools, etc.) that is allowed to participate in the student financial aid program from the U.S. Department of Education<\/p>\n\n\n\n

Eligible school expenses<\/strong><\/a> <\/strong>include tuition and fees and required course-related equipment like books, beakers, and yes, maybe even that pottery wheel. The main thing here is that the equipment must be listed as required by the institution as part of a for-credit course. You cannot include expenses like housing, meals, medical expenses, transportation, or noncredit courses<\/strong>.<\/p>\n\n\n\n

In addition to standard degree programs, the LLC also covers the cost of workforce development and continuing education courses. So, if you were putting off leveling up in the workplace because of the costs associated with professional learning, this may be the answer you were looking for.<\/p>\n\n\n\n

Calculating your Lifetime Learning Credit amount<\/h3>\n\n\n\n

Assuming you\u2019ve passed all the requirements above, you may qualify for up to $2,000\u2014but the actual Lifetime Learning Credit amount you\u2019re allowed may not be the full two $2,000.<\/p>\n\n\n\n

The actual breakdown is that the credit is will equal to 20% of your expenses,<\/strong> up to $10,000.<\/em><\/strong>\u00a0There\u2019s also a phase-out according to your income, meaning the credit amount is gradually reduced if your income is between $80,000 to $90,000 ($160,000 to $180,000 for joint filers) starting in tax year 2021. \u00a0<\/p>\n\n\n\n

Other higher education tax credits<\/h3>\n\n\n\n

If you don\u2019t qualify for the Lifetime Learning Credit, don\u2019t panic\u2014you have other higher education tax credit<\/a> options:<\/p>\n\n\n\n

American Opportunity Tax Credit (AOTC)<\/a><\/strong> <\/p>\n\n\n\n

The AOTC is available for students or parents of students who are in the first four years of post-secondary education at qualified institutions. You\u2019re allowed to claim up to $2,500, and you may not use it in tandem with the lifetime learning credit or tuition and fees deduction.<\/p>\n\n\n\n

Tuition and Fees Deduction<\/strong><\/a><\/p>\n\n\n\n

Note: The Tuition and Fees Deduction has not been extended for tax year 2021.<\/p>\n\n\n\n

The following details apply to previous tax years. The Tuition and Fees Deduction is as it sounds\u2014an above-the-line income exclusion of tuition and eligible fees paid, up to $4,000. One difference between this deduction and the Lifetime Learning Credit is that the income phase-outs are higher with the tuition and fees deduction, meaning it may be available to some people whose income was too high to claim the Lifetime Learning Credit.<\/p>\n\n\n\n

How to claim the Lifetime Learning Credit <\/h2>\n\n\n\n

Each year, you should receive a Form 1098-T<\/a> from your educational institution that reports your costs and what\u2019s eligible for credits. To claim the LLC, you\u2019d enter the info from your Form 1098-T onto Form 8863 and submit with your tax return. Filing taxes as a student<\/a> can be tough\u2014and filing taxes for your dependent student can seem tougher.<\/p>\n\n\n\n

Ready to claim the Lifetime Learning Credit?<\/h2>\n\n\n\n

You can file the forms related to the American Opportunity Credit for free using H&R Block Free Online<\/a>. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

College courses can broaden your horizons\u2014but affording college costs while still making ends meet may seem impossible for the majority of Americans. If that sounds like you, we\u2019ve got good news: With the Lifetime Learning Credit (LLC), the IRS allows you to claim up to $2,000 for qualified education expenses (QEEs) for yourself, your spouse, […]<\/p>\n","protected":false},"author":406,"featured_media":54278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37,125,23348],"tags":[],"class_list":["post-54280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credits","category-filing","category-tax-breaks-money"],"acf":[],"yoast_head":"Lifetime Learning Credit | H&R Block\u00ae<\/title>\n<meta name=\"description\" content=\"Lower your tax bill and offset education expenses with the lifetime learning tax credit. 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