You are correct. The Lifetime Learning Credit is 20% of the first $10,000 of qualified education expenses paid for all eligible students. The maximum credit is $2,000 per return regardless of the number of eligible students. There is no limit on the number of years the credit can be claimed for each student.
Restrictions
Income limit: Credit is phased out at modified AGI between $58,000 and $68,000 ($116,000 and $136,000 MFJ).
Who cannot claim the credit
No credit is allowed if:
• Filing status is MFS.
• The taxpayer is claimed as a dependent on another person’s tax return.
• The taxpayer or spouse was a nonresident alien for any part of the year who did not elect to be treated as a resident alien for tax purposes.
See here for further information.
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