What is the lifetime learning credit?
The lifetime learning credit (LLC) is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
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You might also be interested in... What is a nonrefundable tax credit?
A nonrefundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A nonrefundable tax credit means you get a refund only up to the amount you owe. As you can see in the example below, even though the taxpayer has applicable credits of $150, their taxable...
What is the foreign tax credit?
The foreign tax credit is a type of nonrefundable tax credit, which means that the credit can reduce your tax liability to zero, but not provide you a refund. This tax credit is applicable to taxpayers who have foreign sourced income that may have already been taxed in another country. This credit prevents taxpayers from...
What is the adoption credit?
The adoption credit is a type of nonrefundable tax credit. The adoption credit exists for parents who are adopting a child. Basically, taxpayers can receive a credit for expenses incurred to adopt a child, such as legal fees, court fees, travel fees, etc. However, medical expenses incurred for adopting a child are not eligible expenses.
What is a nonrefundable tax credit?
A nonrefundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A nonrefundable tax credit means you get a refund only up to the amount you owe. As you can see in the example below, even though the taxpayer has applicable credits of $150, their taxable...
What is the foreign tax credit?
The foreign tax credit is a type of nonrefundable tax credit, which means that the credit can reduce your tax liability to zero, but not provide you a refund. This tax credit is applicable to taxpayers who have foreign sourced income that may have already been taxed in another country. This credit prevents taxpayers from...
What is the adoption credit?
The adoption credit is a type of nonrefundable tax credit. The adoption credit exists for parents who are adopting a child. Basically, taxpayers can receive a credit for expenses incurred to adopt a child, such as legal fees, court fees, travel fees, etc. However, medical expenses incurred for adopting a child are not eligible expenses.
