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It is not a refundable credit, like the AOC. This means it can only bring your tax liability to zero. There are also income limits.
You are eligible to claim the Lifetime Learning Credit if all of the following requirements are met:
To qualify, students must attend an eligible institution. Almost all accredited public, nonprofit and for-profit postsecondary schools (including many trade schools) fit this description. To make sure a school is eligible, go to fafsa.gov and verify that it has a Federal School Code..Calculating your credit
You can include the cost of tuition, fees and any books or supplies you are required to purchase directly from the school if it's a condition of enrollment. Therefore, if your professor recommends that you purchase a textbook even though you can still enroll in the class without one, then you cannot include the cost of the textbook in the credit. The maximum credit you can claim is 20 percent of up to $10,000 in eligible costs or $2,000. It can credit 20% of your tuition. It is limited by your tax liability.
It is not a refundable credit, like the AOC. This means it can only bring your tax liability to zero. There are also income limits.
You are eligible to claim the Lifetime Learning Credit if all of the following requirements are met:
To qualify, students must attend an eligible institution. Almost all accredited public, nonprofit and for-profit postsecondary schools (including many trade schools) fit this description. To make sure a school is eligible, go to fafsa.gov and verify that it has a Federal School Code..Calculating your credit
You can include the cost of tuition, fees and any books or supplies you are required to purchase directly from the school if it's a condition of enrollment. Therefore, if your professor recommends that you purchase a textbook even though you can still enroll in the class without one, then you cannot include the cost of the textbook in the credit. The maximum credit you can claim is 20 percent of up to $10,000 in eligible costs or $2,000. It can credit 20% of your tuition. It is limited by your tax liability.
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