You can receive Lifetime Learning Credit every year if you qualify. Please see below the requirements for the Lifetime Learning Credit.
You are eligible to claim the Lifetime Learning Credit if all of the following requirements are met:
- You (or your dependent or a third party) paid qualified education expenses for higher education.
- You paid the education expenses for an eligible student.
- The eligible student is you, your spouse, or a dependent you claim an exemption for on your tax return.
- Your modified adjusted gross income is less than $66,000($132,000 if you are married filing jointly).
- The credit is reduced between $56,000 and $66,000 ($112,000 and $132,000).
Qualified expenses include tuition and mandatory enrollment fees at an
eligible institution. Books and course materials can also count, but
only if you are required to purchase them directly from the school.
Other expenses, such as optional fees and room and board, do not
qualify.
Income phase-out rule
Like the American Opportunity credit, the Lifetime Learning credit is
phased out if your modified adjusted gross income (MAGI) exceeds
certain (much lower) levels.
- For 2017, the MAGI phase-out range for unmarried individuals is $56,000 to $66,000.
- The MAGI phase-out range for married couples filing jointly is $112,000 to $132,000.
- Regardless of your income, you are not eligible if you use married filing separate status.
