To get a Lifetime Learning Credit of $2000:
- Your education expenses (less scholarship) must be $10,000 or more. The credit is 20% of net expenses, up to $10k
- If your expenses are at least $10k, your tax liability after other credits must also be at least $2000. If your tax liability is only $1500 (as an example), you only need $1500.
- Assuming the 2 points above are met, your income also must be under $55,000 (or $131,000 on a joint return). The credit is phased out between $55k and $65k.
What's on your 1098-T and what's your income/ situation?(kids, etc)
