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Why is my lifetime learning credit showing up as 0$, I am a 24 year old grad student with a very low income and 40000$ in tuition? it seems like I should qualify for 2k

 
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Hal_Al
Level 15

Why is my lifetime learning credit showing up as 0$, I am a 24 year old grad student with a very low income and 40000$ in tuition? it seems like I should qualify for 2k

The lifetime Learning Credit (LLC) is a non refundable credit (unlike the American Opportunity Credit for undergrads).  It can only be used to reduce your tax liability. If you have very low income, you probably have no tax liability

 

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1 Reply
Hal_Al
Level 15

Why is my lifetime learning credit showing up as 0$, I am a 24 year old grad student with a very low income and 40000$ in tuition? it seems like I should qualify for 2k

The lifetime Learning Credit (LLC) is a non refundable credit (unlike the American Opportunity Credit for undergrads).  It can only be used to reduce your tax liability. If you have very low income, you probably have no tax liability

 

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