The Lifetime Learning Credit (LLC) is a great way to reduce the cost of higher education for students and their families. The LLC is a tax credit of up to $2,000 for qualified tuition and related expenses for higher education. It is available to both undergraduate and graduate students, and can be claimed for any number of years.
To be eligible for LLC, the student must:
Be enrolled or taking courses at an eligible educational institution. Eligible educational institutions include accredited colleges, universities, and vocational schools.
Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills. This includes courses to acquire or improve job skills, even if they are not part of a degree program.
Be enrolled for at least one academic period* beginning in the tax year. For example, if the tax year is Jan 27, 2023, the student must be enrolled for at least one academic period beginning on or after Jan 27, 2023.
The LLC is a great way to reduce the cost of higher education for students and their families. It can be used to pay for tuition, fees, books, supplies, and other related expenses. It is important to note that the LLC is not available for expenses paid with tax-free funds, such as scholarships, grants, or employer-provided educational assistance.
In addition, the LLC is not available for students who are claimed as a dependent on another person’s tax return. The LLC is also not available for students who are not U.S. citizens or resident aliens.
The LLC is a great way to reduce the cost of higher education for students and their families. It can be used to pay for tuition, fees, books, supplies, and other related expenses. To be eligible for LLC, the student must be enrolled or taking courses at an eligible educational institution, be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills, and be enrolled for at least one academic period beginning in the tax year, such as Jan 27, 2023.
